Relative timestamps between venues don't matter. More importantly, using timestamps without a common reference point makes it impossible to assert what happened first, because the absolute value of the timestamp does not matter. What matters is what "really" happened first. Of course, everyone's view of "first" can differ, but that's a different issue.
Whether there is signal here or not wasn't my point. There may well could be. My point was simply that the analysis provided by Nanex is spurious without a definition of the timestamps, where they came from, and their relationship to known reference points. Taking three events with a timestamp from each of: CQS, CME, and an arbitrary point in time such as 10:30:00 and then asserting that events observed within a CQS or CME event stream happened "before" the arbitrary point in time, 10:30:00, is impossible.
Unless either (a) one observes CQS, CME, and the event scheduled for 10:30:00 from a known reference and accounts for all variables (differing transit latencies, etc) or (b) each of the generating events are known synchronized and the current state of that synchronization is observable (CQS lags CME by 475us, government event source leads CME by 1.2ms, etc). Clearing (b) is not happening today. (a) can be accomplished by Nanex, if they so choose.
Whether there is signal here or not wasn't my point. There may well could be. My point was simply that the analysis provided by Nanex is spurious without a definition of the timestamps, where they came from, and their relationship to known reference points. Taking three events with a timestamp from each of: CQS, CME, and an arbitrary point in time such as 10:30:00 and then asserting that events observed within a CQS or CME event stream happened "before" the arbitrary point in time, 10:30:00, is impossible.
Unless either (a) one observes CQS, CME, and the event scheduled for 10:30:00 from a known reference and accounts for all variables (differing transit latencies, etc) or (b) each of the generating events are known synchronized and the current state of that synchronization is observable (CQS lags CME by 475us, government event source leads CME by 1.2ms, etc). Clearing (b) is not happening today. (a) can be accomplished by Nanex, if they so choose.