In capital markets, low latency is the use of algorithmic trading to react to market events faster than the competition to increase profitability of trades. For example, when executing arbitrage strategies the opportunity to "arb" the market may only present itself for a few milliseconds before is achieved. To demonstrate the value that clients put on latency, in 2007 a large global investment bank has stated that every millisecond lost results in $100m per annum in lost opportunity.