“…Moreover, although there are three decades of studying financial markets in the laboratory (for surveys on experimental research in financial markets, see Friedman and Rust 1993, Friedman 2010, and Noussair and Tucker 2013, aside from particular episodes such as the Flash Crash (Aldrich et al 2016), little is known about the impact of sniping in times of financial stress as opposed to normal times (but see Jagannathan 2019 for a step in this direction). However, Aldrich and López Vargas (2019) recently conducted a laboratory market design study on high-frequency trading that suggests that, relative to the continuous double auction, the frequent batch auction exhibits less predatory trading behavior, lower investments in low-latency communication technology, lower transaction costs, and lower volatility in market spreads and liquidity. More studies on how financial market design affects sniping, market stability, and market resiliency are necessary.…”