If we quantize to one second, then either: 1) it still matters when in that second my order came in, and there's still a race, or 2) it doesn't matter when in

If we quantize to one second, then either: 1) it still matters when in that second my order came in, and there's still a race, or 2) it doesn't matter when in that second my order came in, and there's an incentive to delay my order in case we learn something in that second. In either case, the details will differ quite a bit, but having the fastest connection and best tech is still an advantage.