bytemaster. What is a fair price? Itsn't that for the market decide? I don't understand why you want to socialize profits. I'm a bit confused I must say. A market should be a place where everyone pretty much can do what they want, and the collective decides on certain boundary conditions. And the prime reason why people buy and sell on markets is to make money.

If you have only call auctions, say every hour, then the price will move only once an hour. In futures markets there are sometimes limit periods, which means the price gets locked. Say for instance it's 2008 and Lehman just went bankrupt. You hold 5 billion $ worth of stock for clients. You decide to sell 10% of all stock and go into cash. Well, now the market is limit down and you can't get out. Then in history often, and still sometimes in undeveloped markets, the stock market will close. This is not a position you want to be in. My boss was in such a position in 2008, and that is a time you depend on the market working. In other words, the efficiency of markets depends on quick execution. That in turn depends on computer trading. Of course one can always go back to pen & paper. Again, there is this propaganda that computer trading is bad. But that bitcoiners buy into it, I find quite amazing, because there you have actual currency which depends on computers, which is much more radical. So it just make no sense at all. Perhaps it would make sense to impose time limits, but they should be nanoseconds, not hours. But why not have an arms race for compute power to make the system more efficient? Sounds like bitcoin to me.

A good market will have call auctions, based on volatility interrupts. And also call auctions by beginning and end of trade. Again, this is how markets today work. You guys should study a bit more how stock markets work. Here is DB's market model, which is IMO the best in the world. http://xetra.com/xetra/dispatch/en/kir/navigation/xetra/300_trading_clearing/100_trading_platforms/100_xetra/200_market_model It's only 40 pages to read.