Research preview

The final week of Uganda’s mass immunisation drive provides a vivid illustration of how large‑scale coordination and competition shape outcomes. In the same way that health officials race to vaccinate millions of children, high‑frequency traders race to capture fleeting price differences. By drawing parallels between these two seemingly unrelated domains, we can sharpen our understanding of latency arbitrage, market‑wide costs, and the strategic choices that matter for quantitative traders. The Race Analogy: Speed, Scale, and Winners Both the vaccination effort and latency‑arbitrage races are defined by extreme speed and massive scale. Uganda aims to inoculate 7.6 million children, with more than 5.5 million already vaccinated—a 72 % completion rate....