How Slow Is the NBBO? A Comparison with Direct Exchange Feeds

How Slow Is the NBBO? A Comparison with Direct Exchange Feeds
Shengwei Ding of Wells Fargo Securities and Professors John Hanna and Terrence Hendershott of the University of California find the short duration of dislocations makes their costs small for investors who trade infrequently, while the frequency of the dislocations makes them costly for frequent traders.