

Ask HN: What is the highest fidelity timestamp of a stock exchange trade? - irln

It appears that most exchanges use Price-Time-Priority in their matching systems.  Does anyone know what is the smallest increment exchanges use for their timestamp (e.g. a single millisecond)?
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dalke
Marketing materials at [http://www.lseg.com/media-centre/news/corporate-press-
releas...](http://www.lseg.com/media-centre/news/corporate-press-
releases/turquoise-confirms-it-world%E2%80%99s-fastest-trading-platform)
(found via Wikipedia for 'High-frequency trading') says:

> The average order entry latency on Turquoise’s new ultra-low latency trading
> system, developed by MillenniumIT, is 126 microseconds, twice as fast as
> Turquoise’s main international competitors on a like for like basis. 99.9%
> of all customer orders on the new system are accepted, processed and
> acknowledged within 400 microseconds.

[http://www.computerweekly.com/news/1280095920/London-
Stock-E...](http://www.computerweekly.com/news/1280095920/London-Stock-
Exchange-averages-100-microsecond-trades) says "London Stock Exchange (LSE)
completes trades in just over 100 microseconds on average" and "The
MillenniumIT system will soon be able to process two million messages in two
microseconds."

