A sibling comment links to the research, if you're interested in knowing more, but there are ways of making latency matter less. E.g. with a blind auction, if y

A sibling comment links to the research, if you're interested in knowing more, but there are ways of making latency matter less. E.g. with a blind auction, if you hide the order book as it's being built (so you get no indication of built up demand), you can considerably reduce the impact of low latency