I've been curious about the relative lack of exchange-traded debts (ETD) compared to dealer-sold bonds, particularly in the corporate market. While some bonds go to exchanges (only about 180~200 issues), the vast majority are sold through dealers. I thought that the transparency and reporting requirements of a public market should provide better financing conditions for good firms, while also increasing liquidity for buyers and sellers because the accessibility for public, which makes a public market more attractive for both sides. I understand the regulatory cost could be significant more for exchange traded debts but I am not sure how much it is compared to dealers. Another problem could be the issuing process is more difficult for ETD. What are your thoughts on this matter? In addition, what role do regulatory costs play in the decision-making process for companies considering listing their bonds on an exchange? Are these costs prohibitively high, or are liquidity and transparency just not that important?