Our markets are live. If you hit bid or lift an offer you should receive an instant fill. You can also place orders in between the market and become the market.
The banks making the markets as well as clients who may post a better market. In essence we are just acting like an ECN.
If one of the banks is behind the curve...like which occured this morning for example...does your quote show their "better" B/A or do you have an algorithm to drop a bank that is well outside the others? Hence, if one bank is behind for several minutes, is their price quoted and if so are trades honoured at that price?