2.1.3.1.4 Trade Reporting and Compliance Engine (TRACE)
Unlike stocks, bonds are not generally traded on exchanges. Instead, bond trading takes place directly between broker-dealers, banks, mutual funds, and other market makers in a decentralized, over-the-counter market. Bonds have not been well-suited to exchange trading because their types are less uniform and more varied than stocks. There are corporate bonds, government and agency bonds, municipal bonds, mortgage and collateralized debt obliga