[zeestephen]

RE: “The whole thing can be largely fixed by making the electronic “auctions” happen only once every second.”

Or.....

Buyers and sellers can use “limit” orders.

If you don't get your exact price, or, if you don't get your exact share count, your order is cancelled.

End of story.

High speed traders are completely irrelevant in a world of
“limit” orders.

[Theophilus]

Aren’t you discounting the cost of a cancelled order?