easy · Market Microstructure hft

In the context of HFT, what does the term 'latency jitter' refer to?

  1. The process of a dealer rapidly shifting the quoted bid and ask prices.
  2. The physical vibration of microwave relay towers during periods of high wind.
  3. The total amount of bandwidth consumed by the exchange's consolidated market data feed.
  4. The variability or inconsistency in the time it takes for a message to travel.

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