--- title: How Rigged Are Stock Markets? Evidence from Microsecond Timestamps (by Robert P. Bartlett and Justin McCrary) description: How Rigged Are Stock Markets? Evidence from Microsecond Timestamps (by Robert P. Bartlett and Justin McCrary) --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/rigged-stock-markets-evidence-microsecond-timestamps-by-robert-p-bartlett-justin-mccrary#popup-newsletter) #### Want the latest news on securities markets -- FREE? 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Bartlett and Justin McCrary) Search - [Home](https://articles.marketsmedia.com/) - [Trending](https://articles.marketsmedia.com/tag/trending) - [Featured](https://articles.marketsmedia.com/tag/daily-email-feature) - [Sectors](https://articles.marketsmedia.com/tag/sectors) - [From The Markets](https://articles.marketsmedia.com/tag/from-the-markets) - [AWARDS](https://articles.marketsmedia.com/tag/events) - [Newsletter](https://awards.marketsmedia.com/newsletter-sign-up) - [Newsletter](https://articles.marketsmedia.com/rigged-stock-markets-evidence-microsecond-timestamps-by-robert-p-bartlett-justin-mccrary#popup-newsletter) Hide search Search - NewsLetter ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/trading-up-occ-iex-select-board-members-citadel-lands-lieblich-573x379-Jul-07-2022-09-34-11-57-AM.jpg) [ON THE MOVE: Citi Hires Artie Ambrose;...](https://articles.marketsmedia.com/on-the-move-citi-hires-artie-ambrose-natalie-a-brown-to-mesirow) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_445735906_L.jpg) [Trading Adapts to ESG and Sustainable...](https://articles.marketsmedia.com/trading-adapts-to-esg-and-sustainable-investing) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-917493152-Jul-07-2022-09-34-19-09-AM.jpg) [Focus on FX Execution Connectivity](https://articles.marketsmedia.com/focus-on-fx-execution-connectivity) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_333839538_L.jpg) [TRACE Turns 20](https://articles.marketsmedia.com/trace-turns-20) 07.25.2016 By John D'Antona Contributors Corner # How Rigged Are Stock Markets? Evidence from Microsecond Timestamps (by Robert P. Bartlett and Justin McCrary) 07.25.2016 By John D'Antona [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/rigged-stock-markets-evidence-microsecond-timestamps-by-robert-p-bartlett-justin-mccrary) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/rigged-stock-markets-evidence-microsecond-timestamps-by-robert-p-bartlett-justin-mccrary) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/rigged-stock-markets-evidence-microsecond-timestamps-by-robert-p-bartlett-justin-mccrary) # How Rigged are Stock Markets? Evidence from Microsecond Timestamps ## Robert P. Bartlett III University of California, Berkeley – School of Law; University of California, Berkeley – Berkeley Center for Law, Business and the Economy ## Justin McCrary University of California, Berkeley; National Bureau of Economic Research (NBER) July 20, 2016 **Abstract:** We use new timestamp data from the two Securities Information Processors (SIPs) to examine SIP reporting latencies for quote and trade reports. Reporting latencies average 1.13 milliseconds for quotes and 22.84 milliseconds for trades. Despite these latencies, liquidity-taking orders gain on average $0.0003 per share when priced at the SIP-reported national best bid or offer (NBBO) rather than the NBBO calculated using exchanges’ direct data feeds. Trading surrounding SIP-priced trades shows little evidence that fast traders initiate these liquidity-taking orders to pick-off stale quotes. These findings contradict claims that fast traders systematically exploit traders who transact at the SIP NBBO. **Number of Pages in PDF File:** 51 [For the full report, please click here](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2812123) [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/rigged-stock-markets-evidence-microsecond-timestamps-by-robert-p-bartlett-justin-mccrary) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/rigged-stock-markets-evidence-microsecond-timestamps-by-robert-p-bartlett-justin-mccrary) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/rigged-stock-markets-evidence-microsecond-timestamps-by-robert-p-bartlett-justin-mccrary) ![email](https://articles.marketsmedia.com/hubfs/Markets%20Media/email.svg) ### NEWSLETTER SIGN UP And receive exclusive articles on securities markets ### Related articles 1. 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