A financial services startup founded by the Head of Fixed Income Trading at Deutsche Bank identified a flaw in the US Treasuries market. A novel experience was mandatory to assure enough market participants to make the idea worthwhile. But in this market, innovation can be dangerous: buttons can move ten million dollars in a moment.
A carefully designed auction protocol can ensure the anonymity required for this illiquid market can trade fairly. However that protocol must be transparent and intuitive to experienced traders for the market to function.