I always thought that the digital stock market should take a page from the cryptocurrencies and add a digital proof-of-work that will cap the speed of a transition. A "temporal tax" would keep the system from wild swings and reactions, similar to what we saw a few months back.
What's the point? The first person to get the transaction still makes money, so there is still an incentive to get the information first. Everything will just be on an arbitrary delay. And what's wrong with swings and reactions? That's supposed to happen as new information comes in which changes things. If the people reacting are wrong, they lose money and the people who see it make money.
