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Intermediaries provide something else that electronic brokers cannot: price improvement.
Yet that may be because investors prefer immediacy of execution to marginal price improvement.
"The New York Stock Exchange rules require that the orders be given the opportunity to interact with other orders, which can result in price improvement," the study said.
There's been some price improvement, too; the Pro version, with features for managing people's voice accounts over a network, now costs $600 instead of $900, and the Legal edition goes for $800 instead of $1,200.
Its overheads may be larger than those of rivals; but it more than makes up for this through "price improvement" (getting investors a better deal by exposing their orders to the floor) and greater liquidity.
Mr Steil is harsh about the length of time it takes to put through an order at the NYSE: "Price improvement is just another name for front-running", he says.
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We've had to make price adjustments — we like to call them price improvements.
HSBC said the airline had a strong strategic position and would benefit from fuel price improvements next year.
He said that there would be price improvements over time because of the reusability of the spacecraft, in-orbit refuelling and on-Mars propellant production that would reduce that cost by "orders of magnitude".
HSBC also raised its rating on Ryanair, up 1.5% to €12.93, from reduce to hold and said: Next year Ryanair and easyJet will benefit from significant fuel price improvements, in contrast to their low cost competitors, whose fuel hedging has seen the benefit from falling market prices sooner.
The disclosures will cover the frequency of price improvements on limit orders.
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