There&#x27;s probably not much social benefit to getting pricing resolution down below 100ms.<p>However, there is an <i>enormous</i> benefit to getting pricing resolution down from the double-digit seconds level it was at when humans were able to keep up. The market driven by human intermediaries was crooked as a barrel of fishhooks. When these discussions come up, I always urge people to Google [odd eighths scandal] for an example of what things were like prior to electronic trading.<p>Once you have electronic trading, it makes sense that there either needs to be some &quot;figure of merit&quot; to allow different electronic traders to compete, or else some sort of permanent monopoly for the most successful initial electronic trading firm. Better, I think, that firms compete pointlessly to price instruments at subsecond granularity than that Goldman Sachs simply buys the (thankfully nonexistent) market maker version of Google.