[anonDataUser]

Hi Eric - Firstly, thanks for the work that you do. I can always rely on nanex research to produce thoughtful and interesting discussions.

Many of the "bots" in your research seem to be adding quotes that are far away from NBBO. One theory is that these exist to provide market participants with more precise measures of their own latency - almost like echo location. They send out a pattern to the exchange, and then wait until they see it coming back on their market data feed. I think that its good for market participants to have an accurate means of measuring market data latency and that having that means ultimately enhances the efficiency of the market. Do you disagree with this stance? Is there some other better means of measuring latency that would be better for market participants to use?