Parsing is definitely not a few ms.  Maybe using Apache and parsing an XML message with a bad XML library it is a few ms... grabbing a message off a Solar Flare card with some good code is a few micros. if you are in hardware on your NIC you can be even faster.<p>Time from message sent to seeing back on marketdata feed can be a few ms, or it can be faster. Depends on exchange and traffic. Few ms didn&#x27;t use to be totally uncommon on CME, but it may be closer to 1ms in the 95th percentile these days, for sure.