There Are Several Related Reasons for the Transition to the Electronic

Multiple Choice

There are several related reasons for the transition to the electronic trading of bonds. Which of the below reasons is NOT one of these?

A) The profitability of bond market making has declined since many of the products have become less commodity-like.
B) The increase in the volatility of bond markets has increased the capital required of bond broker-dealers.
C) Making markets in bonds has become more risky for the market makers because the size of the orders has increased tremendously.
D) The profitability of bond market making has declined and their bid-offer spreads have decreased.