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Thanks to responses from Ken Higgins and Greg Darke both from MA, and
comparing my friend in MN's results between Cybertrader and mbTrading, I've
found that the level II information appears on all our screens within less
than 1/2 a second of each other. The only discrepancy that appeared
consistently was that Cybertrader showed a higher volume than either
mbTrader or WOW. On INTC, it took about 15s for them to catch up with
CyberTrader on volume. Watching Level II inside bid and ask, we found that
a change in the inside bid quote on INTC appeared within 1/2 second on all
three datafeeds. I suspect the volume discrepancy may be due to Cyber
starting to accumulate volume a bit earlier in the day than the other two
feeds.
We ran our tests around 12:30 EST and again near 3:45pm EST. There was no
difference in the results from these two time periods.
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