As I see it, development could be divided in different steps.
1.- Game-Theoretic-Collateral transactions.
2.- Distributed order book.
3.- Distributed reputation system.

The first step could be developed without the second and the third. Existing working infrastructure (bitcoin-otc channel, order book and reputation system) could be re-used. As the initiative gains momentum and users, progress could be made towards the second and third step.