المدربThe tick-to-trade latency of a trading system is the time from the arrival of the market-data message that triggers a decision to the departure of the order that the decision sends. It is a wire-to-wire latency when both instants are taken on the network cable (the last bit of the inbound packet, the first bit of the outbound one), by a device outside the server; it is a software tick-to-trade latency when they are taken inside the program (the packet handed to the application, the order handed to the network stack).
