tick-to-trade
Beginner
How long a trading machine takes to answer a price change with an order.
Novice
The time from receiving a market-data message (a “tick”) to sending an order in response, measured on the network cable.
Expert
Benchmarks fix the measurement points precisely. STAC-T0 measures from the last bit of inbound data needed for the decision to the first bit of the outbound order, and covers network I/O only, with essentially no trading logic.
Explained in Fintech and trading (Industries).