The estate changes
Electronic trading runs on infrastructure that is carefully tuned and then changes continuously. The estate that was measured in January is not the estate running in June.
Firms watch these systems closely. Whether the estate still conforms to the state it was engineered for is a different question, and answering it today takes investigation: specialist time, applied after behaviour has already moved.
By June the estate still passes its checks. It is no longer the system that was tuned in January.
What drift costs
$5bn a yearIn electronic trading, latency differences are priced. Aquilina, Budish and O’Neill (QJE, 2022) estimate the sums contested in latency races at around $5bn a year in global equities alone. An estate that has drifted gives up position in those races without anything failing or paging. It runs below the level it was tuned to hold.
AQUILINA · BUDISH · O’NEILL — QUARTERLY JOURNAL OF ECONOMICS, 2022
LPaC Console
The record
| Record | Subject | Divergence | Approved (UTC) | Status |
|---|---|---|---|---|
| EVD-1187 | ld4-a02 · clocksource | DIV-2041 | 2026-10-14 10:02:51 | VALIDATED |
| EVD-1186 | ny4-b11 · nic ring rx | DIV-2038 | 2026-10-13 15:47:09 | VALIDATED |
| EVD-1185 | ld4-c07 · cpu governor | DIV-2035 | 2026-10-13 09:21:44 | EXCEPTION ACCEPTED |
LPaC console · illustrative data
When the running estate departs from its posture, LPaC records what moved and when, against a stated expectation.
Engineers work from that record rather than from a reconstruction. Every approval is signed, and each entry can be verified afterwards.
How it connects
The architecture page sets out the full boundary. The short version:
Connection model
Outbound only. The agent runs on your hosts and opens outbound connections only. It listens on no port. You open no inbound firewall rule for us.
Credentials
None held. The controller holds no credentials for your hosts. It has no SSH keys and no accounts on your infrastructure.
Change control
Human-signed. LPaC does not apply changes. An approval releases a signed trigger to your own deployment pipeline, which executes it.
See LPaC against a live environment
We show a live environment diverge from its declared posture, and the signed record that results.
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