Some of the points apply more obviously to high volume markets, but I actually think this would be a bigger improvement on thinly traded markets. Mainly because of the aggregation of liquidity and “better ergonomics”. With 3-5 people, the issue of whether any of the participants are even checking the market at any given time is more of a problem, so there is a bigger benefit to having an agreed-upon time at which to expect everyone to have their orders ready.
Some of the points apply more obviously to high volume markets, but I actually think this would be a bigger improvement on thinly traded markets. Mainly because of the aggregation of liquidity and “better ergonomics”. With 3-5 people, the issue of whether any of the participants are even checking the market at any given time is more of a problem, so there is a bigger benefit to having an agreed-upon time at which to expect everyone to have their orders ready.