why would market data go through the sequenced stream on an exchange?
for an exchange: market data is a projection of the order book, an observer that sits on the stream but doesn't contribute to it
and client ports have rate limits
for an exchange: market data is a projection of the order book, an observer that sits on the stream but doesn't contribute to it
and client ports have rate limits
e.g. a lot of these systems have a "replay" node that can be used by components that just restarted. You want the replay to include ALL of the messages seen so you can rebuild the state at any given point.
(There are, of course, tradeoffs to this so I'm just commenting on the "single sequencer" design philosophy)
even for systems built on a sequencer which do (e.g. an OMS), the volume is too large
the usual strategy is for processes which require it, is to sample it and them stamp it on commands
which maintains the invariants
(my background: I have been a developer on one of Mike Blum's original sequencers)