even if you can't modify or cancel a bid people will still compete on speed and submit their one (and only) order as close to the auction time as possible. i h

even if you can't modify or cancel a bid people will still compete on speed and submit their one (and only) order as close to the auction time as possible. i have no idea what he's trying to come up with. there's no need to belabour the point plenty here have tried to show that the power of information (of all kinds: central bank actions, Donald Trump's tweets, corporate filing, obituaries, declaration of war, natural disasters, etc) and the ability to push order submission to the last moment is going to be king. the only way i can imagine one would nullify the value of information is to assign every participant of the market a random price on their trade that has no correlation to the value of the asset that they are trying to buy or sell.