Data Volume Explosion Continues

Industry observers cite numerous reasons for the growth in message rates-including increased electronic trading, the introduction of penny-increment options prices, fragmenting liquidity across exchanges, cross-asset algorithms that increased the quote-to-trade ratio, and the requirements of Reg NMS.

Message rates from the Options Price Reporting Authority showed the most dramatic growth, with the number of messages per second sent by Opra more than doubling from 200,000 to 440,000 between Oc

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