Everyone will wait until just before the closing of the window, before submitting their orders, so that they trade with the most information available.
Those with fast connections will have more market information at the point that they place their order.
e.g. I phone in an order to buy gold at $1,200 one minute before the window close. The gold price rises to $1,300. A fast-connection trader then offers $1,201 and buys all the cheap gold, leaving my order unfilled.
Those with fast connections will have more market information at the point that they place their order.
e.g. I phone in an order to buy gold at $1,200 one minute before the window close. The gold price rises to $1,300. A fast-connection trader then offers $1,201 and buys all the cheap gold, leaving my order unfilled.