It explains why there are no codeshares with Flybe as yet. You can't just go around collecting codeshares like bottle tops.[/QUOTE]
That is one possible explanation.
Another is the big players perhaps don’t want a codeshare with them. To support this concept , put codeshare to one side for a moment - Flybe have no interline agreements either, which carry most of benefits of codeshare (discounted fares, through checked bag, seat assignment, online distribution, disruption protection etc) and IOSA isn’t required. Old flybe had numerous interlines.