Arrowhead - Tokyo Stock Exchange

The launch of next generation trading platform "Arrowhead" by Tokyo stock exchange marks milestone in the upgrade by exchange. It's complete upgrade in a sense that it assures high reliability, high speed(5 ms), high capacity for orders, execution and market data(3 ms) as well. In addition, introduction of "Sequential Trade Quote" is interesting feature to avoid sudden  price jumps over short period.

It will be interesting to see how "Arrowhead" is received by financial community.

If we just look at "Latency", I think of following questions
1. Has reduced "Latency"  helped financial community ? or it is to early to say anything ?
2. What kind of IT project triggered at BUY Side, SELL Side and other market participants ?
3. Will there be any impact on Algo's which runs on historical data ?
4. How "Sequential Trade Quote" will impact Algo trading engines ?
5. Will high speed market data mean quick response from Algorithmic trading engines ? more orders and order manipulations by Algorithmic trading engines ?
6. What will be typical changes in trading attributes i.e. trade size, average daily volume,liquidty fragmentation etc ?
Answer : http://www.thetradenews.com/asset-classes/equities/4335
Entire report from Investment Technology Group.
Imp Points :

• Reduction in Trading Cost by 36 % ( Large Cap : 46 %, MidCaps :27 % and Small Caps :14 % ) due to smaller tick size.
• Average Bid-Ask Spread - 20.7 bp from 24.4. Dec'09.
• Average Trade Size and Value - 400/US$6,896 from 600/US$11,112 Dec'09.

In general, interested to see, how exchange driven upgrades of this scale impacts financial community.

Just within a min of positing this blog, I came across the news
http://www.automatedtrader.net/news/ems-news/34589/aite-group-highlights-need-for-technology-focused-brokers-following-tse-arrowhead-launch