What does a HFT data feed actually look like?

Quote from thstart:

http://blog.t3live.com/2010/02/hft-forcing-traders-to-become-more.html
More...

From the linked item: "Trading costs for small-cap stocks were 40% higher in Q2 2009 than Q1 2008, reflecting the inability to get trades processed and rising commission costs. Joseph Saluzzi of Themis Trading, a lone voice in bringing HFT to light, has argued that this is because of predatory algos."

Ummm, did something <i>else</i> happen in the stock market between Q1-08 and Q2-09? Gee, let me look at my SPY chart...
 
"In our previous white paper (“Latency Arbitrage: The Real Power Behind Predatory High Frequency Trading”), we illustrated how the exchanges provide raw data feeds that help high frequency trader's (HFT’s) figure out market directions. Now, we have discovered that at least two of the exchanges, in addition to providing that information, also provide data that enable HFT's to track specific trade orders, putting trading strategies at further risk."

Latency Arbitrage:
The Real Power Behind Predatory High Frequency Trading
http://www.themistrading.com/articl..._--_Latency_Arbitrage_--_December_4__2009.pdf

Exchanges and Data Feeds:
http://blog.themistrading.com/wp-co...THEMIS-Data-Theft-On-Wall-Street-05-11-10.pdf
 
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