Most brokers charge some all-in commission per share to clients. If you take away the rebates, brokers will simply raise commissions to compensate. Whether a fe

Most brokers charge some all-in commission per share to clients. If you take away the rebates, brokers will simply raise commissions to compensate. Whether a fee is passed through or not is irrelevant. Brokers don't pass through direct costs of exchange licenses, servers, development time on their algos, etc. but clients still end up paying for them. Odds are clients like the current system because they know exactly how much executing a 100k share block will cost in commissions. If they didn't, there are plenty of competitive equities brokers who will offer pass-through pricing. And saying the shortest queue is best makes no sense. Most exchanges with short queues have laughably low market share. The lines are short for a reason, because they get serviced more slowly. Otherwise it'd be free money for fast HFTs to fill those lines up and get trades before someone on another exchange.