[jstanley]

Even if you only update the order book once a day, you still need some way to decide which of 2 orders at the same price gets in front of the other, so people still have to compete on time, except now the prices are worse in both directions because market makers have to be able to commit to the price for the entire next day.

[Iv]

My proposal is to randomize the order at which orders arrive. Market makers are largely algorithms by now anyway.

Send orders all day, clear them once a day. Calculate the resulting quote.

Let go of the illusion that the real value of companies change every nano second. The fact that stock exchanges close at night and that for 12 hours, values don't change proves that it is not a necessity.

Having 12 hours instead than a few seconds to think about the impact of a given news on the stock market is going to give room to breath for actual investors.