Even off the run Treasuries are fairly illiquid now, and the on the runs spiked (up) late last year one day without a decent market. The situation is pretty dir

Even off the run Treasuries are fairly illiquid now, and the on the runs spiked (up) late last year one day without a decent market. The situation is pretty dire, as the OP mentions there are innumerable attempts to deal with this, although I disagree on their success. Good luck with the vested interests and the old-fashionedness of the market...