You are begging the question. Why should a market reflect that? Why is that preferable to a daily auction (throw in a stochastic cut-off time to thwart HFT even more)?
Because you can’t make sure that all auctions happen at the same time. Consequently, news will disproportionately affect stocks having an earlier auction. That’s just one reason I’m mentioning.
You are begging the question. Why should a market reflect that? Why is that preferable to a daily auction (throw in a stochastic cut-off time to thwart HFT even more)?