Do you have any info on how often lag was present, or how often over a specific threshold?

Do you know how representative you sample was with respect to when lag was present?

I understand you may not have gone into this much detail in your research, but if you have any info like this, I think it helps illustrate the scope of the problem.

I've also posted many examples on twitter @nanexllc using recent data (yes, this is still a problem!)

I have always been facinated by the underlying technology that drives Nanex's products. I follow http://www.nanex.net/NxResearch/ regularly and would like to see some more technical anotomy of some of the tools you guys have built.

Thanks and great work!

And, just to be clear, the NYSE generously agreed to pay a $5M fine as punishment?

The actual SEC order is linked to by Nanex, and can be found here: http://sec.gov/litigation/admin/2012/34-67857.pdf It explains NYSE's failings in more detail, e.g. "Inadequate Compliance Efforts" and "Failure to Retain Business Records".

Covington and Burling - who represented the NYSE in this matter, used the paltry $5M fine as bragging rights in their year end letter to clients! 'We got the NYSE off with just $5M'

Nice.

I printed one out and put it on my "Tufte" shelf [1].

Edit: Add [1] https://en.wikipedia.org/wiki/Edward_Tufte

At my last job I worked on one of the Reg CAT bids, and I spent a lot of time looking at Nanex Research--totally mind blowing. The markets would be a better place if the regulators were doing Nanex-style analysis. Keep up the good work!