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I know people may down vote you, however, a new kind of auction system to slow things down could potentially make the market fairer for all participants. The average guy will probably never be able to compete with the big boys that are collocated in the same data centre as the exchange with full access to the order book.

That just changes the risk profile of deciding to execute a trade vs the predictable outcome. It may be more costly or less costly than existing approaches.

and I think I would just make an additional exchange where people have another queue they can get to the front of..... faster.

everyone else would think of that too