Explore the challenges and solutions of tracing real-time distributed systems in this 41-minute conference talk from SREcon19 Europe/Middle East/Africa. Delve into the complexities of applying distributed tracing concepts to latency-sensitive, real-time data streaming in large-scale trading systems. Learn how to model asynchronous message flows in multi-service pipelines, handle long-running sessions, manage fan-in/fan-out data flows, and reduce storage costs while maintaining granular in-process tracing data. Discover techniques for diagnosing issues, measuring service level indicators, and improving observability in client-side applications. Gain insights into the Bloomberg LP approach to tracing, including practical examples from their trading system architecture and implementation strategies for effective system monitoring and debugging.