I had the pleasure of attending a talk about "Combinatorial Auctions"[1] lately which describes some interesting market designs that might apply here. In particular, there are some designs out there for "multi-round" auctions, and some great reading on how those work out. On-the-hour trading schemes would be essentially the same.
I can't find slides for the talk (just [2]), but there's also some really interesting publications reviewing outcomes when auctions like this were used to deal out resources to big companies who really had an incentive to do their math: http://ftp.cramton.umd.edu/papers2000-2004/cramton-schwartz-...