This sounds similar to OneChronos, though I don't know if they've launched anything: https://www.onechronos.com/ https://www.onechronos.com/ You're right that

This sounds similar to OneChronos, though I don't know if they've launched anything: https://www.onechronos.com/ https://www.onechronos.com/ You're right that there's precedent for this: -Implied engines as you mentioned where traders can atomically express a view on the term structure without legging risk. For the benefit of non-finance readers: Say you believe the fair price difference between Dec and March futures is 2 index points, you could quote in the spread between the contracts (long one, short the other) buying 1.75 selling 2.25 without being fastest to respond to every shift in the index itself. Your order in the spread will create implied orders in the underlying contracts themselves and you can only be filled if both your long and short trade. -IEX's D-Peg effectively runs a high frequency pricing model inside the matching engine to predict when an adverse price tick is likely. -I think D.E. Shaw has a patent on a domain-specific language for complex orders where they can be priced off any other instrument(s), ratios between instruments, features of the order book, etc. The real problem with batch auctions is coordination. So long as you have other exchanges trading correlated assets in continuous time, there will still be a race to adjust orders in the batch auction market after a pricing signal occurs. Even with a random delay or crossing time, it's still beneficial in statistical expectation to be faster. You'd need to trade most similar products worldwide on a single platform. Since exchanges are a network effect business, this would likely lead to monopoly profits for the exchange operator. I'm not sure "no high-speed arbitrage/monopoly exchange" is net better than "some high speed arbitrage/competing exchanges." I suppose you could have the government run the exchange as a utility, but that would stifle innovation. A lot of things we now take for granted started in experimental ATS and ECN startup markets.