In many of the fixed income markets a lot of activities are still done over the phone or inter dealer voice systems. Tullet Prebon is one such company that facilitates these activities via a voice bus.
The questions come to mind are:
1. if you are providing a service to provide price feeds:
- for the on the runs, then places like retuters should be able to provide that data
- for off the runs, there is much less liquidity/information as mentioned here, for that a price is often paid to dealers (so no change there)
2. If you are creating an exchange then this can possibly reduce the spreads for less liquid instruments
- The interesting problem you'll need to deal with is how everyone deals with settlement.
The questions come to mind are:
1. if you are providing a service to provide price feeds: - for the on the runs, then places like retuters should be able to provide that data - for off the runs, there is much less liquidity/information as mentioned here, for that a price is often paid to dealers (so no change there)
2. If you are creating an exchange then this can possibly reduce the spreads for less liquid instruments - The interesting problem you'll need to deal with is how everyone deals with settlement.