I have an underdeveloped idea that what we really need is limit order types with built-in hedging. "Bid to buy 100 gizmos at 30c each, and for every five gizmos bought, immediately offer to sell 1 widget at $1.20; cancel this order if the best offer for widgets moves below that price" sort of thing. Basically, you're moving the simple reasoning that has to be executed at low latency from the market maker's FPGA to the exchange's matching engine.
Sometimes, you can do this by putting orders in spreads, but only where a spread exists (or can be defined) for the two legs you care about, in the right ratio.
You might also want to do more complicated things, like pulling an order in one product if another product moves a lot, because you think that presages a move in the product you're quoting.
The idea would be, firstly, to make it much easier to make markets without having to invest in low-latency infrastructure, broadening the base of participants who can do it, and secondly, to reduce the negative impact of speed-blunting interventions like continuous batch auctions or speed bumps.