The purpose of the secondary markets is to transfer risk, not to allocate capital. That may be why people take such moral outrage at things like HFT when they'r

The purpose of the secondary markets is to transfer risk, not to allocate capital. That may be why people take such moral outrage at things like HFT when they're really just making the market more efficient. Nobody acts like 7-11 is an immoral part of the milk and bread market when they only hold inventory for a day, and nobody suggests that we don't really need 24/7 stores so everyone should just buy their bread direct from the manufacturer during a 5 minute window. In any case, if you want to trade in a single price auction, you can do it right now. Every primary exchange has an opening and closing auction. People are already given the option to trade like that and prefer to trade in a continuous market. Why would that be?