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.