Agree but consider this: If the timing is perfectly tractable the system is gamed. A small amount of noise that prevents manipulation is a good thing over time

Agree but consider this: If the timing is perfectly tractable the system is gamed. A small amount of noise that prevents manipulation is a good thing over time for the market. It means the stock is going to have less vol which increases the value of the market equity given constant cash flows. That's another policy goal more broadly. That is, if it works this way.