4 ms·

I have an solution for you - instead of in real time trade in rounds every minute or ten or even only once an hour. Now everyone has some time to think about hi

• princeb 12y ago
  problem with this soln can be seen in exchanges' auction sessions: sessions of several minutes/hours during which orders only net at the end. with visible orderbook this does not avoid the problem of spoofing or eliminate the value of speed. with invisible orderbook there is still benefit in placing trades right at the last moment before the netting because you continue to accrue micromkt information from continuously trading markets and economic info from the real world throughout the netting session. and if you want to make all exchanges in all locations of the world net at the same exact moment, this is a Hard Problem.
  • danbruc 12y ago
    But with an invisible order book you face the trade-off between submitting your orders early an get priority over later orders and submitting late to incorporate the latest information.
    • princeb 12y ago
      in netting phases the queue is almost entirely price based and not time based.