Reference Architecture v3: Exchange Tick to Phone Screen

Not financial advice. Verify claims independently.

The full pipeline, annotated: ingestion, normalization, fan-out, delivery.

Status: Flight, REV C. Figure 1 on the cover sheet is this document, drawn.

The line

Six callouts, one direction of travel:

Ingest (RT-100). Exchange multicast becomes a sequenced log. Gaps are counted.
Normalize (RT-110). Symbology, lot size, currency, session. Nothing downstream invents a second dialect.
Shard (RT-200). Consistent hash. See RFC-001, which is still open.
Fan-out (RT-210 / RT-220). Interest index plus a credit window. Backpressure is a part, not a postmortem.
Edge (RT-300 / RT-310 / RT-320). WebSocket and SSE are flight. MQTT 5 is on the bench.
Handset (RT-600). The reference client. Same payload the bus already stamped.

What is deliberately missing

There is no second cache "for the website." There is no polling fallback on the hot path. Raw UDP is on the manifest as HOLD so it does not get redesigned every quarter.

How to read the manifest

Part numbers are stable. Revision letters move. FLIGHT means the reference workload is already on that revision. RFC means the comment period is open. The fit numbers on the protocol index are an editorial ledger, not a benchmark suite — RT-500 is where measured p99 will land.

See it running

The production consumer is Stock Picks. This foundation publishes the drawing; that app is the part under load.