We can get bond live prices from various venues, for example, BBG's CBBT prices. Usually you would get bid/ask prices.
- Are these prices prices that people called bonds' marked prices ?
- are they actually where the bonds are/can be traded ? If not, what drives the actual trading prices for a bond.
- If you want to come up with a sensible fair price for a bond ETF that is consistent with where the underlying bonds are traded. Would it be enough to just calculate the ETF price based on the bonds prices from a trading venue.