Debt is traded very differently from most corporate equity. The secondary market for bonds gets along without the big listed exchanges that provide a central narrative in the world of corporate stock. Indeed, for a long time trades were negotiated and agreed upon through telephone calls. In the 1990s, it occurred to various pioneers that “we could use the internet for this” and they tried to create an exchange-like model, an anonymous central limit order book (CLOB). A company called Trading Edge created BondLink for this purpose. Perhaps a related development: in 1998, the chairman of the Securities and Exchange Commission at the time, Arthur Levitt, said in a speech at the Media Studies Center in New York, “Investors have a right to know the prices at which bonds are being bought and sold. Transparency will help investors make better decisions, and it will increase confidence in the fairness of the markets.” Well, more transparency is always greater than less if the d...