Fig. 2From: Latency arbitrage and the synchronized placement of ordersOptimal Order Delay \(\delta ^*\). (left) plots the density functions \(\phi _S,\phi _L\) for latencies \(l_S,l_L\), to exchanges L, S, given that orders are sent without delay. In turn, (right) indicates how delaying orders to the small exchange shifts early executions to the large exchangeBack to article page