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If you're holding heavily-traded bonds and want to get out, IB will enable a better price and faster execution. If you're looking for something to buy, ET is the better place to start with. Fidelity does some interesting, proprietary things with its quotes, but doesn't quote as widely as ET or ZD.

To be efficient, you need accounts at all of them plus, maybe, even at a full-service broker and/or a boutique.
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