Re:A High Frequency Trader's Apologia, Part 1
by tolitius on Tuesday April 17, 2012 @11:57PM
(#3856406)
there are several books including a "public book" that all exchanges publish and an "internal book" that each exchange has.
in case of the "internal book", it is always ahead of the "public book", as changes to it "published" after events occur internally and this "internal book" is updated.
this is important bit, as an individual exchange "knows better/earlier" than the "public".
in case of the "internal book", it is always ahead of the "public book", as changes to it "published" after events occur internally and this "internal book" is updated.
this is important bit, as an individual exchange "knows better/earlier" than the "public".