only if you make those bids visible. the bids are held in a buffer and at the end of the buffer, it either completes a trade or appears on the order book. iirc some market tried to do this with a literal loop with a physical latency.
> only if you make those bids visible. the bids are held in a buffer and at the end of the buffer
Everyone else's bids are invisible. The ones you submit--for your self and for your customers--are not. The larger a brokerage operation you run, the more of an edge you get under this system.
We created the unified tape and passed Rule NMS specifically to remove these incentives.
