For one thing, it claims to eliminate the speed arms race by setting a sufficiently long gap between auctions, but depends on a bizarre assumption that there ar

For one thing, it claims to eliminate the speed arms race by setting a sufficiently long gap between auctions, but depends on a bizarre assumption that there are 2 speeds at which information can get to the market, each at a particular cost. I suspect this would be better modeled as continuous, which would imply that tuning the auction gap merely moves the clearing price for additional information speed. It also doesn't cover the fact that it changes common exchange revenue streams; the necessary replacements would surely affect the market. Similarly, a lot of the more complex order types would no longer make sense, which would again have market effects. A lot of this stuff is hard to figure out, though, and trying it in the real world isn't be an obviously bad idea.