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What Is ‘Jitter’ and How Does It Contribute to Latency-Related Fill Rate Issues?

Jitter refers to the variation in latency (delay) over time. High jitter means the time it takes for a quote to reach the RFQ platform is inconsistent.

This unpredictability is detrimental because it makes it impossible for the market maker to accurately predict when their quote will be live, leading to quotes that are often too late or stale, thus reducing the effective fill rate.

How Does the Latency of Quote Response Affect an RFQ-based Block Trade?
Does the Use of a Reference Price from a Lit Exchange Introduce Latency Risk?
What Is ‘Adverse Selection’ and How Does It Relate to a Market Maker’s Profitability despite a High Fill Rate?
How Do ‘Indicative Quotes’ Differ from ‘Firm Quotes’ in an RFQ System?