Market makers have absolutely no incentive to quote tight spreads up until the last minute where they might have some idea about the price, or maybe not so they don't quote at all.
A lot of 'alternative solutions' to the continuous limit book assume that there's some other mechanism for price discovery so people make informed decisions, but really it is the book itself which provides that information.
A lot of 'alternative solutions' to the continuous limit book assume that there's some other mechanism for price discovery so people make informed decisions, but really it is the book itself which provides that information.