Hi Order Execution Wizards! I subscribe to all Level 2 data feeds via Interactive Brokers. I am aware that some people pay for data feeds direct from the exchange. In my understanding, some benefits of exchange direct data feeds are delivery speed, true tick data (vs. timed snapshots as IB does it), data integrity (RAW vs. filtered), and required to purchase b/c they're importing into bridge software (NinjaTrader, Multi-Charts, etc). What else am I missing? What other benefits to purchasing data direct from exchanges are there? When I pay IB for data from multiple exchanges (Nasdaq, NYSE, BYX, etc) - are there any differences (besides speed, true tick quality) between that IB data vs. buying the data individually from each and every exchange? When I research online I get textbook examples of data differences but not real-world trading application differences. I'm looking for "well direct exchange data is good for executing limit orders in extended hours sessions b/c..." or "direct data from exchange X allows you to discover hidden liquidity better b/c..." Thanks for any personal experience you can share, and have a great weekend everyone!