[harryh]

But maybe if the trades were priority queued it would negate that.

If the trades are priority queued, then you have just recreated the speed "arms race" that this idea hopes to eliminate.

[aserafini]

But if you submit your trade ‘first’ you miss out on any information that arrives afterwards.

Maybe it cancels out the advantage of being ‘first’? I am admittedly well outside my area of expertise.