Excellent point! Being able to trade on information revealed overnight would have much greater value than being able to trade at an even smaller sub-second inte

Excellent point! Being able to trade on information revealed overnight would have much greater value than being able to trade at an even smaller sub-second interval. Since the marginal value of additional liquidity decreases rapidly, I've often wondered if having a fixed resolution (say, one trade per minute) would actually be beneficial. Nobody can realistically trade a stock based on sub-minute changes in information anyway, and having a fixed resolution would eliminate the advantage some players have by having more servers/etc. After all, if we are chasing liquidity, allowing some players in the market to have an advantage restricts the number of players able to participate which lowers liquidity.