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Transcript: Here's Why It's So Hard to Fix the Corporate Bond Market

Why can’t corporate bond trading be more like stocks?
Photographer: Michael Nagle/Bloomberg

The corporate bond market is huge and important, allowing U.S. companies to tap investors for much needed borrowing. But even as sales of bonds have been booming in recent years thanks to low interest rates, the overall structure of the credit market and the way such debt is traded has been criticized for years. While stocks trade electronically on exchanges that provide instant and competitive quotes, a majority of corporate bond trades are still done over the phone or on platforms that tend to favor certain participants over others. Despite many efforts to improve ease of trading and price transparency in this vital market, progress has been slow. Transcripts have been lightly-edited for clarity.

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