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We develop two new methods for matching trades and bid-ask quotes that account for information latency in the era of fast trading. The first method adjusts for exchange-to-SIP latency. The second method constructs exchanges' Relative Best Bid and Offer (RBBO) based on exchange-to-exchange latency and data center co-locations. We test these trade classification methods using over 650 million TAQ trades matched with order executions in TAQ Integrated Feed. We find that the first method improves the Lee Ready (1991) trade classification accuracy from 86% to 92%. Our preferred method, the RBBO method, further improves accuracy by another 58 bp but is computationally expensive. Using an exogenous technological shock, we find that adjusting for latency could alter research inferences when measuring liquidity.


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US stocks surged on Tuesday after Chinese President Xi Jinping appeared to blink in an escalating war of words with President Trump, saying he will cut tariffs on car imports and improve protections of intellectual property.

Boeing and Caterpillar were the biggest gainers for the Dow, rising 3.8 percent and 3.5 percent, respectively. Shares of both companies, which rely heavily on business in China, have lately see-sawed amid trade-war talk.

Trade Flash is a thinkorswim gadget that displays trade-related events (a.k.a. flashes) as they happen. These flashes include third-party analyst up/downgrades, block trades, trade imbalances, events on the trading floor, and more. Like all other gadgets, Trade Flash can be displayed as a section of the left sidebar or a separate window (see the Left Sidebar article for details).

This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to persons residing in Australia, Canada, Hong Kong, Japan, Saudi Arabia, Singapore, UK, and the countries of the European Union.


Market volatility, volume and system availability may delay account access and trade executions.


Past performance of a security or strategy is no guarantee of future results or investing success.


Trading stocks, options, futures and forex involves speculation, and the risk of loss can be substantial. Clients must consider all relevant risk factors, including their own personal financial situation, before trading. Trading foreign exchange on margin carries a high level of risk, as well as its own unique risk factors.


Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses. Prior to trading options, you should carefully read Characteristics and Risks of Standardized Options.


Spreads, Straddles, and other multiple-leg option orders placed online will incur $0.65 fees per contract on each leg. Orders placed by other means will have additional transaction costs.

Supporting documentation for any claims, comparison, statistics, or other technical data will be supplied upon request. TD Ameritrade does not make recommendations or determine the suitability of any security, strategy or course of action for you through your use of our trading tools. Any investment decision you make in your self-directed account is solely your responsibility.

TD Ameritrade, Inc., member FINRA/SIPC, a subsidiary of The Charles Schwab Corporation. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank.  2023 Charles Schwab & Co., Inc. All rights reserved.

How did this happen? Right now, we don't know. But in high-speed trading, where computer algorithms fed by data make trades based on pre-programmed strategies, the difference between trading at seven milliseconds after the news and two milliseconds after the news can be worth millions.

"There is a role in [capital] markets for traders whose work is more speculative ... But when taken to its logical extremes, such as computers exploiting five millisecond advantages in the transfer of market-moving information, it's much less clear that society gains anything ... In the high-frequency trading business, billions of dollars are spent on high-speed lines, programming talent, and advanced computers by funds looking to capitalize on the smallest and most fleeting of mispricings. Those are computing resources and insanely intelligent people who could instead be put to work making the Internet run faster for everyone, or figuring out how to distribute electricity more efficiently, or really anything other than trying to figure out how to trade gold futures on the latest Fed announcement faster than the speed of light."

1. WHO WE ARE AND THESE TERMS OF USE. Thank you for using CashorTrade! CashorTrade is a digital platform that connects sellers and buyers of event tickets and passes (Tickets) and event-related merchandise via its website (www.cashortrade.org), its mobile application(s), and/or any current or future associated platforms (collectively, the Site)

The terms CashorTrade, we, us, and our refer to Cash or Trade, Inc., a Delaware corporation. The terms you and your refer to any person accessing and/or using the Site. We provide the Site to you expressly subject to these Terms of Use. Terms of Use or Terms means this document together with our Privacy Policy (available at www.cashortrade.org/about/privacy-policy) and our Traders Protection Guarantee. Your use of the Site signifies that you agree to the Terms. If you do not or are unable to agree to these Terms, do not use the Site.

We may modify these Terms from time to time. When we do, we will provide notice to you by publishing the most current version and revising the date at the top of this page. Any updates to the Terms that are published in the mobile app might be delayed due to the need for prior third-party (e.g., Google or Apple) review. In such cases the governing version of the Terms will be the most recently posted version on www.cashortrade.org. By continuing to use the Site after any changes come into effect, you agree to the revised Terms.

If you wish to request a refund after your Gold Membership has automatically renewed please submit a support ticket within thirty (30) calendar days of the auto-renewal date; if your Account has not been used to list, sell, trade, or purchase Tickets or Merchandise within thirty (30) days of the auto-renewal date, you will be eligible for a refund of your Gold Membership subscription renewal fee. If you have used the Account to list, sell, trade, or purchase Tickets or Merchandise within this 30-day period, or regardless of activity after this 30-day period, your Gold Membership renewal subscription is nonrefundable. Unless timely provided with a valid certificate of exemption or other evidence that items are not taxable, CashorTrade will invoice you for applicable taxes.

5. YOUR USER CONTENT. You are responsible for the accuracy, reliability, appropriateness, legality, and intellectual property rights of any content that you post to the Site or otherwise provide to CashorTrade (any such content, User Content). By posting User Content to the Site or sending User Content to us, you represent and warrant that: (i) you have all the permissions, rights, and licenses needed (including under copyrights, trademarks, contract rights, privacy rights, or publicity rights) to provide the User Content to the Site and to CashorTrade; (ii) the User Content does not include personal, private, or confidential information belonging to others; (iii) the User Content does not otherwise violate the rights of any individual or entity; and (iv) the User Content otherwise complies with these Terms.

We may offer catalogs of stock images, descriptions, and product specifications which are provided by third parties (including other CashorTrade users). You may use catalog content solely in connection with your CashorTrade listings during the time your listings are on our Site. We do not guarantee that the catalogs are accurate and/or up-to-date, and you agree that you will not hold our catalog providers or us responsible for inaccuracies in their catalogs. The catalog may include copyrighted, trademarked, or other proprietary materials. You agree not to remove any copyright, proprietary, or identification markings included within the catalogs or create any derivative works based on catalog content (other than by including them in your listings).

9. TRADING TICKETS; FAIR TRADE POLICY. To offer or accept a Ticket trade you must have a receipt for your offered Ticket in hand. All trades must be fair trades for equal value. The cash difference must be provided if trading a single Ticket for multiple Tickets. Trade bundling of multiple bad seats for one good seat is prohibited. Examples:

Except for the form of currency in Ticket trades, all other terms and conditions of these Terms are applicable to Ticket trade transactions. Without limiting the foregoing, any and all transaction-related fees will be assessed based on the total value of the applicable Ticket(s).

Any payout is subject to further review and may be held until 3 days after the event, depending on ticket type, transfer agreement, and/or event policy. Our payment processor may request identity verification prior to such payouts, where a user could be asked to forward the following items to support@cashortrade.org: (i) the original receipt from your purchase; (ii) the official transfer waiver; (iii) a photo of your driver's license or other government-issued identification. The payment processor may require you to provide additional identity verification such as a picture of your government-issued identification next to your face, a photo of the front and back of the credit card used in the original purchase, and/or the email confirmation of the original Ticket receipt which shows your name and the last four digits of the credit card used in the original purchase. e24fc04721

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