alt Hacker News> Not so much if the submitted prices are hidden until the matches are resolved
Except every other exchange is still revolving. The only way to implement this is to eliminate competition between exchanges.
Also, Wall Street would love this. The more of the order book you submitted, the more information you have about its composition.
The only way to implement this is to eliminate competition between exchanges.
There are two different things being talked about here.
Trading based on arbitrage between exchanges will happen in one way or another no matter what.
Trading millions of times per second automatically on the same exchange when some people have low latency computers at the exchange with huge amounts of extra information is not necessary.
Also, Wall Street would love this. The more of the order book you submitted, the more information you have about its composition.
The point isn't to make something 'wall street hates' it's to make something that doesn't get money eaten away by automated computers in the middle so that it's the best option for people making trading decisions on people time scales.