  We argue that contemporary stock market designs are, due to traders'
inability to fully express their preferences over the execution times of their
orders, prone to latency arbitrage. In turn, we propose a new order type which
allows traders to specify the time at which their orders are executed after
reaching the exchange. Using this order type, traders can synchronize order
executions across different exchanges, such that high-frequency traders, even
if they operate at the speed of light, can no-longer engage in latency
arbitrage.
