Market Research Our business is supplying a real-time data feed comprising trade and quote data for all US equity, option, and futures exchanges. We have archived this data since 2004 and have created and used numerous tools to help us sift through the enormous dataset: approximately 2.5 trillion quotes and trades as of June 2010. May 6th, had approximately 7.6 billion trade, quote, level 2, and depth records. 05-17-2011 CQS Delays Our latest research into delays on CQS - There is overwhelming evidence that significant saturation is frequently occurring (hundreds of times each trading day). 05-10-2011 Equity Quote Saturation Equity Quote Saturation 11-29-2010 Flash Equity Failures We have analyzed all listed equities for 2006, 2007, 2008, 2009 and 2010 for potential "mini crashes" in individual stocks. We were surprised at the number of incidents we found. 08-23-2010 Latency on Demand How delays seem to be created on the NYSE. 08-18-2010 The NBBO is Broken Further ramifications of our analysis. Inquiries: pr@nanex.net This report and all material shown on this website is published by Nanex, LLC and may not be reproduced, disseminated, or distributed, in part or in whole, by any means, outside of the recipient's organization without express written authorization from Nanex. It is a violation of federal copyright law to reproduce all or part of this publication or its contents by any means. This material does not constitute a solicitation for the purchase or sale of any securities or investments. The opinions expressed herein are based on publicly available information and are considered reliable. However, Nanex makes NO WARRANTIES OR REPRESENTATIONS OF ANY SORT with respect to this report. Any person using this material does so solely at their own risk and Nanex and/or its employees shall be under no liability whatsoever in any respect thereof.