So you want a distributed order book with global time priority and atomic execution semantics? Can you explain the mechanics of how this would work? This sounds

So you want a distributed order book with global time priority and atomic execution semantics? Can you explain the mechanics of how this would work? This sounds like a locking nightmare. I think some FX market works this way with matching engines in NY, Tokyo and London, but FX markets can also reverse trades and many markets aren't really continuous (min quote life and books that update on a delay) so locking may not be as big of an issue. Anyway most HFTs are not keeping prices the same between exchanges. There simply aren't enough times during the day when quotes are crossed to make this viable. Most are market makers or are doing arbitrage/psuedo-arbitrage trades like ETF vs. basket, futures vs. cash, etc. that move liquidity from product to product.