Latency Is Dead

I am declaring the official end to the "latency era" in the capital markets. I am not saying that concerns about latency will go away, but industry paranoia stemming from the 2008 credit crisis and the 2010 Flash Crash has all but eclipsed it. I'm not quite sure when the "reporting era" began, but the global markets are completely neck-deep into it.

Between the new reporting regime from the regulators and the buy side's desire to obtain as much execution data as possible, the sell side finds