Why do you think most secondary market trading in bonds takes place over the counter?

Question

Why do you think most secondary market trading in bonds takes place over the counter?

Answer 1

Bonds are not listed on the exchange, therefore the only other market is the OTC

There are some corporate bonds that are listed on Exchanges but they are usually bonds of major corporations whose equities and/or preferred's are also listed on the same exchange.

Muni's can not be listed on the exchange since there are no financial reporting requirements for them since they are debt securities and not equities and/or options