There are some exchanges that have tried this, but it's hard when the auction price cannot result in a price better than the NBBO (which is just one way the Reg

There are some exchanges that have tried this, but it's hard when the auction price cannot result in a price better than the NBBO (which is just one way the Reg-NMS has stifled innovation). They are having more success with this in Europe: http://www.businesswire.com/news/home/20150906005008/en/BATS-Chi-X-Europe-Announces-Launch-Periodic-Auctions http://www.businesswire.com/news/home/20150906005008/en/BATS...