Before revision:  We find that latency arbitrage opportunities are common, observing a total of over 3.1 billion latency arbitrage opportunities in the Russell 3000 during trading in 2016, or roughly 525 per second of trading.
After revision:  We find that latency arbitrage opportunities are common, observing a total of over 3.1 billion latency arbitrage opportunities in the Russell 3000 during trading in 2016, roughly 525 per second of trading.