Bonds are normally traded over-the-counter (OTC). The main criticism levied against trading in the OTC market as opposed to organized exchanges is

Select one:

a. the bad reputation of the OTC dealers.

b. transactions in the OTC market are not transparently observed.

c. the small size of the OTC market.

d. the constraint of trading with a limited number of OTC dealers.

e. the high transaction costs involved in trading in the OTC market.