I'm currently launching an exchange. Liquidity is EVERYTHING. Your hourly auction idea is one way to provide it of course, and some exchanges do just this at sp

I'm currently launching an exchange. Liquidity is EVERYTHING. Your hourly auction idea is one way to provide it of course, and some exchanges do just this at special times, or at start of trading. There really isn't a 'current' system actually, at least not as you probably understand it. There are hundreds of markets, with different rules, many of them can place orders between them. None of this shows for someone putting in a 'buy' at E*Trade, though.