Also there's no arbitrage opportunity where buying nine shares of a NYSE stock at 2.01 and one share at 2.00 means the "real" price is 2.009 but the NYSE stubbornly won't trade in fractional pennies (made up example numbers). The BTC transaction would just be one simple 2.009 transaction not some foolishness involving ten thousand trades or whatever.
You could have a BTC derivative market with somebody acting as the market maker just like NYSE, although thats kinda at cross purposes to the whole idea of a distributed currency.
There is no market maker so picking winners or losers by deciding who gets to front run vs who doesn't, is also kind of meaningless.
Or the TLDR short version is no it isn't gonna happen due to some inherent design issues.
There are some interesting issues. There's no particular technological reason GOOG couldn't say F the stock exchanges and issue a derived cryptocurrency and let people arbitrage between their new stock equivalent and the rest of the world. Well, there are a couple legal and accounting issues, but like I wrote, no technical issue.
Would not be totally surprised to see a BTC-like infrastructure replace existing monolithic market maker trading structures. Probably the same crooks owning the whole works, I'm talking about it as a deployed technology not a social phenomena or whatever. Much as running TCP/IP in 2014 doesn't mean anymore that you're part of DARPA.