Front-Running Captured
94.2%
Premium Feed Arbitrage Capture Rate
Spread Widening
+45%
Adverse Selection Penalty
Premium Trader Surplus
5 HFT Fast Subscribers Net Profit
Public Trader Slippage
-$13,800
50 Retail / Institutional Slower Traders
Cumulative Profit / Loss ($) Tiered Feed Equity Trajectory
Live Execution Tape Millisecond Order Flow
⚖ Ethical & Structural Market Mechanics
When market-moving policy posts are monetized through a $100,000/month fast feed with a 490ms advantage over public broadcasts, high-frequency subscribers absorb liquidity at un-adjusted prices. Because public limit order holders receive the policy signal 500ms late, their resting orders are picked off before they can cancel. This structural front-running extracts rent from public market participants, causing market makers to widen the bid-ask spread by 45% to compensate for adverse selection risk.