Requiring arbitration judgments to be made public without introducing additional changes in the system might result in the dissemination of information that would be difficult for the market to value accurately. If only the amount of the judgment were announced, a dealer who was ordered to pay a large judgment because there had been an honest misunderstanding in a large transaction would suffer more reputational damage than a dealer who had to pay a smaller judgment because of deliberate breach or theft. Consequently, the facts of the case would have to be released to accurately convey the relevant information to the market if judgments were made public. Arbitrators would have to make findings of fact and issue written opinions, which would lead to a demand for procedural protections such as rules of evidence and more extensive discovery. In time, the flexibility and informality of the system, essential to the rapid resolution of disputes, would begin to disintegrate.

Lisa Bernestein, Opting out of the Legal Sys…, loc. 241