The distinction I am making means everything.  It enables &quot;Latency Arbitrage.&quot;  It allows HF traders to see trades that are about to happen before they actually happen and cut in front if it&#x27;ll be profitable.<p><a href="http:&#x2F;&#x2F;blogmaverick.com&#x2F;2014&#x2F;04&#x2F;03&#x2F;the-idiots-guide-to-high-frequency-trading&#x2F;" rel="nofollow">http:&#x2F;&#x2F;blogmaverick.com&#x2F;2014&#x2F;04&#x2F;03&#x2F;the-idiots-guide-to-high-...</a>