Earlier quoted context omitted.
It's complex on one end to reduce complexity on the other -- the trading companies wouldn't have to worry about millisecond optimizations if they trading batches were 200ms windows. So the wire lengths wouldn't matter but also not mattering is the processor, memory, software, etc. for the trading companies. Seems like a good tradeoff. And honestly the wire thing probably isn't real. Light moves 30cm in a nanosecond.…
I used to work in HFT. I promise you that companies would still try to exploit randomized batches. There is an advantage to being the very last entrant into a batch (most up to date information). Truly random batches are not trivial to implement and any statistical pattern in the batching could be exploited.
Wait, come back, I'm serious! Finding an arbitrary hash of adjustable complexity is a scalable solution to batching transactions across multiple servers with a consistent throughput.