MTF Latency - how we measure it

Current Average latency for steps 1 through 9 = 0.5ms Steps to measure MTF latency
  1. Message from MTF Member received byFIX probe/proxy
  2. Message sent to FIX gateway
  3. Message received by Execution Venue
  4. Message sent to secondary execution venue
  5. Secondary execution venue acknowledgesreceived message
  6. Order is matched/placed in order book
  7. Execution report sent to FIX gateway
  8. FIX message execution report sent to the Fix Probe Proxy and the MTF Member
  9. Time stamp log report and latency calculated.Reported in real time to Monitoring tool
LMAX Interbank measuring latency