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Data in OTIS comes from FTID, with a twenty minute delay from real-time. Equity and ETF orders placed during trading hours are filled with a delay that mimics the data feed delay and is based on exchange: NYSE and AMEX - 20 minutes, NASDAQ - 15 minutes. All other security types trade once a day at the end of the day. In this way, student orders are processed in a fashion which is consistent with what actually happens in the market. For example, if a user places a trade for KO at 10:00AM, the order is filled at 10:20 at the 10:00AM price. Many additional complex application processes are running in the background before the market opens, during the day, and at market close, such as calculations related to stock and option splits, companies leaving the S&P 500, bonds being called, etc. The application is designed to simulate real market conditions as closely as possible. 
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