Spectrum allocation today is rigid and regulated. Bidding on spectrum requires industry know-how, connections, large amounts of capital, etc. The prices are not transparent, nor are they efficient. This should not be the case. As the airwaves become increasingly saturated, we'll want a free market it for it, just as there is for gold or oil. If this were to be created, the "clearinghouse" would become an incredibly important asset. Like NASDAQ, but for radio waves.