Not really. That just changes the game from "who can trade a picosecond before you?" to "who can trade a picosecond before the tick?" The lack of live market b

Not really. That just changes the game from "who can trade a picosecond before you?" to "who can trade a picosecond before the tick?" The lack of live market book data means that you won't need the ultra fast connections, so at least one part of the networking arms race becomes de-weaponised. You still have the problem of it being advantageous to bid at the end of the auction, but this could be solved by pricing. Just like the exchanges give incentives to offer prices rather than to take them, they could make bidding at the start of an auction cheaper than at the end of it.