https://westernpips.pro/Independent research on market microstructure, latency, arbitrage, trading protocols and liquidity for institutional traders, HFT firms, brokers and LPs.en-ushttps://westernpips.pro/news/24-hour-stock-tradinghttps://westernpips.pro/news/24-hour-stock-tradingTue, 10 Nov 2026 00:00:00 GMTNasdaq targets a 23-hour trading day from December 2026, DTCC already clears 24x5 and brokers route overnight orders to ATSs. What the overnight session looks like — and what it means for liquidity providers.https://westernpips.pro/colocation/colocation-tradinghttps://westernpips.pro/colocation/colocation-tradingTue, 10 Nov 2026 00:00:00 GMTWhy trading firms put servers next to matching engines, how colocation is priced and regulated, the data centers that matter in 2026 — and what cloud-hosted exchanges change.https://westernpips.pro/protocols/fix-protocolhttps://westernpips.pro/protocols/fix-protocolTue, 10 Nov 2026 00:00:00 GMTHow FIX messages are built, how sessions recover from gaps, which version to use, and where binary encodings like SBE and FIXP fit — a practitioner’s guide to the language of trading.https://westernpips.pro/fx-liquidity/forex-liquidity-providershttps://westernpips.pro/fx-liquidity/forex-liquidity-providersTue, 10 Nov 2026 00:00:00 GMTSpot FX trades about $3 trillion a day through layers of banks, non-bank market makers, prime brokers and venues. How that liquidity chain works — and how to judge the LPs in it.https://westernpips.pro/hardware/fpga-tradinghttps://westernpips.pro/hardware/fpga-tradingTue, 10 Nov 2026 00:00:00 GMTWhy trading firms moved the critical path from CPUs to FPGAs, what runs in hardware, how teams build it, what it costs — and when software is still good enough.https://westernpips.pro/crypto/funding-rate-arbitragehttps://westernpips.pro/crypto/funding-rate-arbitrageTue, 10 Nov 2026 00:00:00 GMTLong spot, short perpetual, collect funding. How the trade really works, what the funding formula implies for returns, and the exchange, liquidation and regime risks that decide whether it pays.https://westernpips.pro/hft/high-frequency-tradinghttps://westernpips.pro/hft/high-frequency-tradingTue, 10 Nov 2026 00:00:00 GMTA clear, evidence-based guide to HFT: history, strategies, technology, risk controls, economics, regulation and the debate — and why 2025 was a record year for electronic market makers.https://westernpips.pro/market-making/how-market-makers-make-moneyhttps://westernpips.pro/market-making/how-market-makers-make-moneyTue, 10 Nov 2026 00:00:00 GMTSpread capture is only the starting point. A practitioner’s view of market-making economics: rebates, adverse selection, inventory risk, the models behind quoting and what 2025’s record revenues say about the business.https://westernpips.pro/arbitrage/latency-arbitrage-tradinghttps://westernpips.pro/arbitrage/latency-arbitrage-tradingTue, 10 Nov 2026 00:00:00 GMTMicrosecond races decide a fifth of trading volume in some markets. How latency arbitrage works, what the regulator data show, who wins and how exchanges are redesigning around it.https://westernpips.pro/market-data/market-data-feedhttps://westernpips.pro/market-data/market-data-feedTue, 10 Nov 2026 00:00:00 GMTWhat separates a direct exchange feed from the SIP, Level 2 from Level 3, raw from normalized data — and how licensing and the new EU consolidated tape change what trading firms pay and see.https://westernpips.pro/microstructure/market-microstructurehttps://westernpips.pro/microstructure/market-microstructureTue, 10 Nov 2026 00:00:00 GMTThe rules, order types and participants that turn orders into prices — explained for trading desks, with the key models and formulas, the metrics that matter and the 2025–2026 changes reshaping market structure.https://westernpips.pro/execution/payment-for-order-flowhttps://westernpips.pro/execution/payment-for-order-flowTue, 10 Nov 2026 00:00:00 GMTMarket makers pay brokers billions a year for retail orders. How PFOF works, what the execution-quality evidence shows, how to read Rule 605/606 data, and why Europe banned it while the US kept it.https://westernpips.pro/time-sync/ptp-ieee-1588https://westernpips.pro/time-sync/ptp-ieee-1588Tue, 10 Nov 2026 00:00:00 GMTWhy trading firms need sub-microsecond clocks, how PTP achieves them, which regulatory accuracy rules apply under MiFID II and CAT, and where White Rabbit fits.https://westernpips.pro/regulation/spoofing-and-layeringhttps://westernpips.pro/regulation/spoofing-and-layeringTue, 10 Nov 2026 00:00:00 GMTFake orders, real profits — until surveillance catches them. How spoofing and layering work, which laws prohibit them, how regulators detect them and where legitimate order cancellation ends.https://westernpips.pro/ai-quant/time-series-foundation-modelshttps://westernpips.pro/ai-quant/time-series-foundation-modelsTue, 10 Nov 2026 00:00:00 GMTPre-trained forecasting models top general benchmarks, but financial returns are a different beast. What Chronos-2, TimesFM and their peers can and cannot do for trading desks in 2026.https://westernpips.pro/latency-networks/ultra-low-latency-networkhttps://westernpips.pro/latency-networks/ultra-low-latency-networkTue, 10 Nov 2026 00:00:00 GMTFrom the speed of light in glass to microwave towers and hollow-core fiber: how trading networks are designed, measured and paid for — and what cloud-hosted exchanges change.