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Brokers and fund managers must declare them, like any other form of commission, as they do in America.
An MoD spokesperson said: "It is nonsense to claim that the armed forces recruiting specialists receive any form of commission for each recruit.
Right now she is confused about it because much of her earnings are in the form of commission, and she says: "I don't know how this stacks up with commission".
Of course, in addition to the spread, which is an implicit cost of trading, small investors also face explicit costs in the form of commission fees charged by their retail brokers.
The couple are said to owe £4.3 million in the form of commission payments to Proactive, a sports management company which agreed lucrative sponsorship deals with major companies on their behalf.
Instead of charging a monthly subscription as most SaaS do, after an initial set-up fee, the company gets paid by referral, in the form of commission on a new customer's first order.
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The explicit cost of dealing in securities (in the form of commissions and bid-offer spreads) has come down.
The S.E.C. in 2002 charged Credit Suisse First Boston for helping clients invest in underpriced I.P.O.s that the bank underwrote, and then demanding that those clients return a portion of their I.P.O.s profits in the form of commissions.
For instance, a consultant like Merrill Lynch, whose operations include a brokerage firm, may receive compensation in the form of commissions on trades steered its way by the money managers it has recommended to pension fund clients.
The officials said that 14 of 15 Wall Street brokerage houses the S.E.C. looked at had received cash from the funds, and that 10 of the 15 had received revenue-sharing payments in the form of commissions for trading stocks for the funds' portfolios.
That includes the legion of stockbrokers and insurance agents whose income takes the form of commissions on financial products.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com