Huh? Any broker I've dealt with had the following: * Order matching (in-housing of orders so they can pocket the brokerage fee without actually incuring exchan

Huh? Any broker I've dealt with had the following: * Order matching (in-housing of orders so they can pocket the brokerage fee without actually incuring exchange fees as well as make money off their inventory) * Placing orders and holding the funds I send to buy stocks with * Custodian that holds both my stocks (in their name) as well as my fiat * Banking, they allow opening of margin accounts where I can borrow fiat to speculate with, and all of the assets within such accounts can / are lent out (if you are big enough you will even get interest on these assets) * Strictly speaking, most brokers aren't traders on their own platform... but in-housing of orders produces pretty much the same effect... so the distinction seems pretty meaningless. E.g. they buy stock at $x, internalize orders that are profitable when selling said stock at $x + $1 (but below or matching market rate), profit. Several functions are intrinsicly linked there. You can't buy or sell anything without having them hold the asset / fiat... even if only for the T+2 days to settle.