> > the rest of the world times their orders taking transmission latency into account.

> Could you elaborate on this please? Say I want to place an order for 100 shares of XYZ at $100.00 per share. I know my trade is going to take 50ms to get fulfilled. What do I do with this information? Predict where the price is going to be?

Simplistically, If you're making an order that's too big for the order book on a single venue to get a sensible price, you might chop it up and buy some in NY, some in London and some in Tokyo. Let's say you're sat in NY: you can work out that it'll take your order 1ms to hit the NYSE, 150ms to hit the LSE and 600ms to hit the TSE. So rather than dumbly hitting 'transmit' on all your orders at once, you send the Tokyo order first, then then the London order 450ms later, and then the NY order 149ms after that. That way, your orders (and the public information that your making those orders) will hit each venue at exactly the same time.

This is common practice for any broker or institutional trader.