The event exhibits a on the bid side, accompanied by a significant latency reduction for a subset of participants (average 730 µs vs. market average ≈1.2 ms).
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While the event did not breach regulatory thresholds for market manipulation (no evidence of intent to mislead or sustained price distortion), it for participants lacking the low‑latency conduit. This aligns with the growing literature on “ speed bumps ” and “ latency arbitrage ” (e.g., Budish et al., 2015; Hendershott & Riordan, 2013). The event exhibits a on the bid side,