Rather than making every market separately, what I would like to see is an internal market mechanism that intelligently routes and issues system bids and asks representing these routes in every relevant market.
If I were, as a market maker, to make the bBTC:bUSD market, my order to buy bBTC and sell bUSD, should also show up in all other bBTC and bUSD pairs. Internally it would know all other routes and an exact cost for that route and would list these routes as bids and asks in every related market.
The bid wants to buy bBTC it doesn't care where it comes from
The bid wants to sell bUSD, it doesn't care where it goes
If internally there is at least 1 bid or ask in other relevant markets the price to route it through these markets could be displayed.
For example, the MARKET would list the above bid in normal form on the bBTC:bUSD market, in addition it lists a linked system bid on the bBTC:bBTS w/ a linked system bid on bBTS:bUSD based on what it would cost from those markets to use this alternate route. If a market doesn't have any existing bids or asks then the system route would not exist and would not be listed.
so bBTC:bUSD market might look like this:
250 | 260
249 <routeBTS>| 261<routeCNY>
The routes are just taking orders from the two respective markets into account.
For <routeBTS> its taking from bBTS:bBTC and bBTS:bUSD
For <routeCNY> its taking from bCNY:bBTC and bCNY:bUSD
For <routeGold> its taking from bGold:bBTC and bGold:bUSD
The benefit of this is that every effort to make an internal market is magnified across every market. The routed bids and asks wouldn't always offer the best prices in an active market but it would greatly benefit liquidity in lower volume markets. I don't think it would be necessary to go beyond 1 hop as the spread would quickly add up as would the processing time and possible routes.
This would be difficult and very expensive to do as a user to replicate this function from the outside. I would guess that the MARKET could do it for free.
Obviously this adds a lot of overhead to an already sluggish market response time.
It may not be feasible either, just thought I'd throw it out there.