Because being open (availability) spreads the same amount of liquidity across the clock. This decreases the available liquidity at any moment and thus generally

Because being open (availability) spreads the same amount of liquidity across the clock. This decreases the available liquidity at any moment and thus generally increases volatility A another solution would be a single auction a day, and everyone would get more fair but less timely trades. And a lot of the goofus mechanics around high speed continuous auction would disappear. It is a trade off.