[Iv]

And how does this add value anywhere?

A timestep of a day seems to have all the benefits of regular stock exchanges without any drawbacks.

[dna_polymerase]

Just wanted to point this out. HFT is not only really fast trading in order to gain from the typical "sell higher than you bought" scheme. Of course front-running adds no value. Though of course those companies will say that the "add liquidity". Which is BS.