Before revision:  Information feeds reported different prices for the same equity---violating the commonly-supposed economic behavior of a unified price for an indistinguishable product---more than 120 million times, with "actionable" latency arbitrage opportunities totaling almost 64 million  . During this period, roughly 22\% of all trades occurred while the SIP and aggregated direct feeds were dislocated.
After revision:  Information feeds reported different prices for the same equity more than 120 million times, with "actionable" latency arbitrage opportunities totaling almost 64 million . During this period, roughly 22\% of all trades occurred while the SIP and aggregated direct feeds were dislocated.