The "public price that everyone else sees" is the same price as the HFTs see. These are available on the direct feeds from the various exchanges, and there's no discrimination against non-HFTs. Anyone who pays for it can get it. It's an equivalent advantage to having a Bloomberg - more data, faster.
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Undocumented? http://cdn.batstrading.com/resources/membership/BATS_FIX_Spe...
The "public price that everyone else sees" is the same price as the HFTs see. These are available on the direct feeds from the various exchanges, and there's no discrimination against non-HFTs. Anyone who pays for it can get it. It's an equivalent advantage to having a Bloomberg - more data, faster.
It isn't. The SIP is much slower than what the HFTers can put together. Read the book, it's in there.