From: Rick Jones <redacted>
Date: Thu, 28 Aug 2008 13:29:30 -0700

Has the request "hit the trading system" when it hits the NIC, or
when it hits the application executing the trade?  If the SEC calls
for when it hits the NIC, then none of what is done today is really
accurate/correct and one would need to start using NIC HW
timestamps, synchronized with the host and the other NICs in the
system no?

The SEC isn't mandating anything here, stop framing it that way :-)

People simply won't trade with a firm if they find out that trades
there are executed out of order.

They are simply trying to make things as fair as possible.