The SIP feed consistently displayed worse prices than the aggregate direct feed for liquidity demanding market participants during periods of dislocation, with a $84 million net difference in opportunity cost.

Statistics 8–10 indicate that trades occurring during dislocations involve approximately 5% more value per trade on average than those that occur while feeds are synchronized. The values reported above are sums of daily observations, except for statistics 8–10, and are conservative estimates of the true, unobserved quantities since positive (favoring the SIP) and negative (favoring the direct feeds) ROC can cancel in summary calculations.