Complete Text   I. Causes   II. Effects   III. Further Research   IV. Recommendations  

The chart above shows GE (one of the stocks we pointed out as lagging in our initial analysis) for 05/06/2010, comparing the time stamps of OpenBook vs. CQS.

CQS (Consolidated Quotation System) is the method in which 95% of all US market participants receive their data and is also responsible for calculating the NBBO for all listed stocks. There are however premium products direct from the exchange which are not disseminated through CQS. One such product is OpenBook from NYSE. In comparing time stamps of quotes from CQS to OpenBook, it is clear this time delay exceeded 20 seconds.

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