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There is a decentralized MSC exchange in Alpha stage at the moment, which will go live soon.

If there is a MSC exchange currently I have to apologize. However, afaik there are only being test msc traded currently. Is there already a release date when there will be real MSC being traded?

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Master dev coins are meant is incentive for those who are interested in building mastercoin apps and sevices. Will be given as bounties to help develop the infrastructure. These Dev mastercoins don't belong to the founders.

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The intension being, that the Mastercoin Foundation will handle this distribution process temporarily until its operation can be transferred to the Master Protocol community via the Distributed Bounty system and the Proof of Stake consensus mechanism.

This quote is taken from the official github spec. (https://github.com/mastercoin-MSC/spec). This is handled currently by the master coin foundation. So they hold all dev coins currently. Nobody knows when the master coin foundation actually "trusts" their Master Protocol Distributed Bounty System. Maybe in a year after release? Would be a good estiminate if you ask me, but would mean the master coin foundation holds 1-0.5^1 devMSC until then easily. Meaning they have created an additional 5% instead of 10% margin for them. (formula taken from their github spec), deciding who to actually give those devMSC to. This is something I learned the hard way. Yet waiting for a 3k+ Nxt Bounty which won't be payed in the long run I believe.