I used to work for an RIA that executed through the major brokerages paying 5 cents a share. They were aware of the cheaper electronic path, but everything they used in terms of quotes, Bloomberg, research, etc. was all tied to soft dollars generated from the high commissions. Its easier to pass the cost on to the customers in the form of transaction costs (as opposed to explaining all the fees for these services in the prospectus). At least that was how it was explained to me when I asked them about it. mdl, why don't you start out with the stocks you covered as an MM? At least you should have a feel for how they behave, even if you don't have the order flow. Good luck.