Measurement and Characterization of Latency in Trading Networks
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Overview: Latency during busy periods can be much larger than the values seen during the rest of the trading day. By definition, the busy periods are the times when most traders want to trade. Therefore statistics measured during these periods are key metrics for understanding performance. Simple service level targets based on daily or even monthly values are a poor guide to the conditions that traders will experience in practice. This white paper enables readers to understand these issues in greater detail and to see how to measure, describe and specify latency service levels in a manner that avoids the above pitfalls.