Those are really good papers & I highly recommend them. A couple of things I've always wondered about them:

- their proposal seems to require either coordinated legal regimes & consistent global clocks or a monopoly exchange, both of which on the surface seem impossible.

- their matching algorithm both still has a time priority component as well as a random or pro rata component, which is problematic.

- finally, the main complaint seems to be with the profitability of the arb not decreasing, but isn't that a direct function of the legislated price floor imposed on the markets?