Systems and methods for quantifying temporal fairness on electronic trading venues

A method of quantifying temporal fairness on electronic trading venues, the method being implemented on a computer system having one or more physical processors programmed with computer program instructions that, when executed by the one or more physical processors, cause the computer system to perform the method, the method comprising:

• obtaining, by the computer system, market activity information associated with a first market participant and a second market participant;
• determining, by the computer system, based on the market activity information, a first plurality of time deltas that each indicate an amount of time in which the first market participant has temporally beaten the second market participant with respect to market activity related to an instrument traded on the electronic trading venue;
• determining, by the computer system, based on the market activity information, a second plurality of time deltas that each indicate an amount of time in which the second market participant has temporally beaten the first market participant with respect to the market activity related to the instrument traded on the electronic trading venue;
• and
• determining, by the computer system, a quantified level of temporal fairness with respect to the first market participant and the second market participant on the electronic trading venue based on the first plurality of time deltas and the second plurality of time deltas.