Aite: Naked Access Ready for Reform

"The idea is to level the playing field so that no one segment of the markets has a clear advantage caused by a lack of industry uniformity in risk checks," writes Sang Lee, managing partner with Aite, and author of the report.

The current playing field is far from level, as Lee's research estimates that the typical direct market access (DMA) connection averages between 4 and 8 milliseconds of latency compared with collocated filtered access, which goes through the sponsoring broker's pre-trade

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