904-NMS-1220-15-F4.DOC 12. To begin with, I believe this paragraph is yet another attempt at misdirection. Curiously, the anonymous letter seems to presage or anticipate precisely such a response. The last paragraph on page 4 of the letter4 deals exactly with these fractional time frames and in terms alleges that 50 micro-seconds are all it takes to effect the illicit trade. The question is also not of a person ensured a particular position in a port queue; the issue is of certain entities being among the early-birds to connect to the server at low-load and low-traffic times to ensure minimal latency and fastest data inflow. The anonymous letter specifically mentions the advantages that paragraph 18A tries to deny, possibly in the hope that the judicial mind can safely be presumed to be ignorant of all matters technical and too easily overawed by an outpouring of technical jargon. The issue is also not about ensuring a prior place but, as the letter says, whether it is possible to ‘game the system’ through a variety of means, including continuous server-pinging to test when the server comes online, to gain even a minute advantage. The issue is also not about an absolute advantage, but rather one of degree, i.e., of gaining an advantage ahead of the rest of the market. Pages 5 and 6 of the letter deal with an earlier point in time. Pages 6 and 7 however make a very direct reference to a new evolution in the process of ‘gaming the system’, and that is by connecting to the backup servers, ones that had zero load and much improved latency. I note that paragraph 18A does not even begin to address the very many technical questions pointedly raised in the letter and to which Ms. Dalal drew the NSE’s attention. Instead, that paragraph cherry-picks one isolated facet that possibly relates to an earlier point in the history of the NSE’s systems automation and presents 4 Motion paperbook, p. 84 11 of 30 ::: Uploaded on - 10/09/2015 ::: Downloaded on - 03/02/2020 18:08:37 :::