There are exchanges out there that run continuously but with delayed information feeds.
Everyone gets the benefit of fast-enough execution and strong liquidity.
Crazy high-frequency gamesmanship goes away. Smart quantitative plays are still possible.
Simple and effective. Relies only on laws of physics to create the delay.
There are also exchanges that run with "frequent batch auction" principles.[0]
0: https://econpapers.repec.org/article/oupqjecon/v_3a130_3ay_3...
A sealed-bid uniform-price batch auction seems like the right action.
30 seconds seems reasonable, 1 minute better, and 5 minutes still better. In all honesty even going as long as 30 minutes should still facilitate all legitimate purposes.
If the stock market didn't exist you would have less opportunities to invest in well priced companies and people would be manipulated in investing in opaque, often ridden with accounting shenanigans things like private equity.
The more companies are public and subject to price discovery done by sophisticated players the better it is for uninformed players like normal investors but also less sophisticated informed players like pension funds.
