Moving all those trades, now conducted mostly by phone between dealers and their customers, to a transparent exchange would cut into margins: If everyone can see price quotes in real time, the spread between the bids and offers will narrow.
Additionally, to her credit, Mayer recognizes that one of the ways to foster innovation and productivity in the work environment is to be transparent and present clear cut goals to employees.
It means you should take these games with a grain of salt - particularly areas where states can do things that aren't so transparent like around the cut scores for their tests, the composition of the tests, how difficult they are and so forth.