More specifically, an order could end up being "displayed for up to one to five seconds, depending on the size of the order," and this timeframe is much longer than a typical delay of less than one millisecond, i.e., one thousandth of a second, for the consolidated data feed compared with faster private data feeds.
Orders that sit on the book make up the bid, and the offer that goes out in the consolidated quote feed.
The second set, the proprietary data products, generally are faster, more content rich, and more costly than the consolidated data feeds.
There are the consolidated public data feeds distributed pursuant to national market system plans jointly operated by the exchanges and FINRA.
As stated above, it was intended that the consolidated facility plans would feed into district and provincial level planning, and that funds would be released directly to facilities through the direct facility funding (DFF) to support their work plans.
Starting well before the Citadel settlement, several commentators, including the author, have expressed doubts about the lucrativeness of pure latency arbitrage between the consolidated and private data feeds conducted by off-exchange market makers.
Both algos were triggered by price discrepancies between the consolidated and private data feeds, i.e., the "official" market data distributed by a designated Security Information Processor ("SIP") and more detailed and inherently faster market data products offered by exchanges themselves.
The experience in Kilifi highlights the feasibility of engaging the community in the health planning process, and the challenges of ensuring that this engagement feeds into consolidated plans and future implementation.
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