There always has to be a moment when you lock in the bids, and a non-infinitescimal window before that time when bids are accepted. As long as that window has a

There always has to be a moment when you lock in the bids, and a non-infinitescimal window before that time when bids are accepted. As long as that window has a start and an end, there will still be traders who write algorithms to deliver their orders at the final microsecond the window is open. 99.999999% of the time, nothing happens. But, in that one case where the articles of impeachment are released just before the window closes, those algos will pay for themselves a billion times over. Separating the last moment when bids are accepted from the time when the auction closes has no practical effect, other than just a simple time delay.