[A-List] Speed is King

["Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx>]

There is a war brewing for sometime now between established exchanges, 
such as NYSE, and elctronic trading networks.  Despite modernization, 
the NYSE still requires 21 seconds to execute an order, while the latest 
electronic system can do it in one tenth of a second.  This is of great 
significant for program trading and arbitrageurs.  Fortune can be won 
and lost in a couple of seconds.

In the War on Iraq, it took some 15 minutes from the time a target was 
identified to its being hit by cruise missiles, and it missed the target 
twice.

The day will come when interest will be calculated and compounded in 
intervals of seconds rather than days.  Already electronic bill-paying 
is taking away the advantage of floats.

Henry C.K. Liu