Those latencies aren't well defined, and likely representing input to output side processing. Also, they are in the .50ms range, which is 500us, not 50us. What isn't captured here is the significant added transit delay due to the forcing of a centralized processor. They are also averages, which are largely useless when dealing with market data. Let's talk about 95 and 99th percentiles. It's the bursts that kill you.
The perception of fairness as it relates to the SIP will always be an issue (even if it isn't a practical issue) as long as there are "two highways" if you will for market data. There is no reason it needs to be this way. Decomposing the SIP solves all issues and embraces the facts that already exists today: the SIP is a leaky lock on a distributed market that can by passed with ISOs and that there is no such thing as the NBBO because NBBO is entirely relative to point of observation.
Doing so, however, would require the venues to give up a major selling point for their lucrative direct data feeds. Not likely to happen.
The perception of fairness as it relates to the SIP will always be an issue (even if it isn't a practical issue) as long as there are "two highways" if you will for market data. There is no reason it needs to be this way. Decomposing the SIP solves all issues and embraces the facts that already exists today: the SIP is a leaky lock on a distributed market that can by passed with ISOs and that there is no such thing as the NBBO because NBBO is entirely relative to point of observation.
Doing so, however, would require the venues to give up a major selling point for their lucrative direct data feeds. Not likely to happen.