Matt Levine wants us to comment on this tule

Matt Levine: Here is the NASDAQ Stock Market LLC's rule filing for its proposed "Extended Life Priority Order Attribute," which would give priority to orders that promise to stay in force for at least one second. We have talked about this order type before, and I was fond of it; it seems like a good rough way to segment "customers" from "dealers," and to give some priority to the customers:

In some loose approximate sense, if a customer shows up and wants to buy stock, then she should get priority over a dealer who also wants to buy that stock, because, you know, she actually wants to buy the stock. The dealer is just churning inventory for a few milliseconds. 

OK, Nasdaq wants to sell time; this is where they are going.  The market can't sell time, it can sell cycles on the graph.  The index funds is running at milliseconds because cycles are not pried.  

But once cycles are price, then bets have to be compressed by a pit boss. You really have no choice, since, at bottom, if Nasdaq is not organizing by probability, then they are simply a useless monopoly, about to be replaced.

Nasdaq officials should hire a mathematician to read what the  physicists are saying about emergent spacetime, it all applies to markets.