As far as I'm concerned, markets should be put on a stepped clock with randomized queue processing. Said queue blind until processing. Then put the resources spent chasing the clock to better use.

A one minute interval seems appropriate. Plenty real-time enough to deal with most real world events and needs, while eliminating arbitrage based upon momentary, naval-gazing analysis.

Markets already belie the trope of an (entirely) "free market." At least level the playing field between moneyed quants and the rest of the world.