1. A system for providing market updates in an electronic trading environment, the system including: a gateway adapted to receive a definition for a first event, wherein the definition for the first event includes a rate market data is received from an electronic exchange, wherein the gateway is adapted to receive market data from the electronic exchange, wherein the market data is related to a tradeable object being traded at the electronic exchange, wherein the market data includes market depth information for the tradeable object, wherein the gateway is adapted to generate a first market update to be sent to a client entity, wherein the first market update includes a first set of market depth levels, wherein each market depth level in the first set is based on the market depth information and includes a quantity available for trading the tradeable object at a price level, wherein the first set includes a first number of market depth levels, wherein the gateway is adapted to send the first market update to the client entity, wherein the gateway is adapted to determine whether the first event has been detected, wherein the first event is detected when the rate market data is received from the electronic exchange conforms to the rate defined for the first event, wherein the gateway is adapted to generate a second market update to be sent to the client entity, wherein the second market update includes a second set of market depth levels, wherein each market depth level in the second set is based on the market depth information and includes a quantity available for trading the tradeable object at a price level, wherein the second set includes a second number of market depth levels, wherein the second number of market depth levels is determined based on detection of the first event, and wherein the second number of market depth levels is different from the first number of market depth levels in response to the first event being detected, and wherein the gateway is adapted to send the second market update to the client entity.