INET Technology and The NASDAQ Stock Market


Recognized as the most sophisticated trading technology in the world, INET is the proprietary core software engine utilized across NASDAQ OMX's U.S. and European markets. The unique combination of our data servers and our trading platform results in true price discovery and the fastest order acknowledgement times in the industry--setting new standards that help define the entire trading experience.

Unmatched Speed


Weekly INET Latency Stats for
The NASDAQ Stock Market

Week of August 30, 2010


  10 G Access 1 G Access
  OUCH Latency in Microseconds ITCH Latency in Microseconds OUCH Latency in Microseconds ITCH Latency in Microseconds
Average 156 134 201 137
99% of Orders 204 220 280 196
99.9% of Orders 719 1324 840 574


Measurement Methodology

Our latency statistics represent real performance numbers validated by Correlix latency measurement RaceTeam Service. NASDAQ OMX uses a neutral third-party service to provide our customers with real-time latency insight and analysis down to the individual transaction level to offer innovative and transparent trading solutions.

Latency statistics are gathered in the production environment by injecting an order and a subsequent cancel every half second during production hours.


OUCH Measurements of Order Latency

  • The time it takes to accept, process, and acknowledge or fill an order.
  • Measured as the complete round trip for an order or cancel transaction leaving a customer network port, through the co-lo network and application firewalls to the matching engine and back.
  • Measured in the production environment during a full trading day including opening and close.

ITCH Measurements of Market Data Latency:

  • The time it takes to accept, process, and deliver a visible Member order via the ITCH Market Data stream (Multicast or TCP).
  • Measured from entering an order (see OUCH Measurements) until the ITCH Market Data Message is received at the customer network port.

The Power of Performance


Records
Message Volume 1,684,103,265 Messages per Second 513,260
Order Volume 821,808,375 Orders per Second 194,205
Share Volume 12,814,454,760 Executions per Second 87,594
  • Consistent Reliability - Reliable infrastructure boasts a 99.999% uptime with a robust fail-over mechanism.
  • High Performance Computing Grid – Facilitates easier, standardized access to liquidity across the U.S. at superior performance levels.
  • Flexible Architecture – Provides the agility necessary to quickly add order types and routing strategies that vastly improve the customer experience.
  • Fastest Market Data Feed – Distributes market data at the same time as orders are accepted. Therefore, when a market participant sees their order, the world sees the order at virtually the same time via our ITCH market data feed, resulting in true price discovery.
  • Unsurpassed Capacity - Our system is capable of handling more than 1 million messages per second.