Felix Salmon cited my original post on employing one-second call markets as a counter to high-frequency trading. He ends his post by raising the following question for his readers (far more numerous than mine) to consider:

Would this plan essentially give everybody in the market the advantages of being in a dark pool which only exists for one second? On its face, I think it’s a good idea. What would the downside be?

To answer the first question: Yes, I think that moving everybody into a short-lived dark pool is a good way to think about this. Why not provide dark pool access for the masses?

Some of Felix’s commenters weighed in on potential downsides (and upsides, and side-sides…). These included a good fraction of non sequiturs, but certainly there are many practical questions to be addressed before such a sweeping change could be implemented. I hope to address some of these in future posts, as well as more thorough scholarly works.