That is the difference between total receipt and total trading costs.

My guess is that the monthly fee will include all handholding, investment advice and trading costs.

His trades, which he estimates between 100 and 150 a year, are $25 each, compared with Ameritrade's $8 trading cost.

But those same changes, people in the industry say, may benefit individual investors by cutting trading costs.

Stock market officials say that because access fees represent a trading cost, they should be included in displayed prices.

"Both effects will be terrible for investors who will experience higher trading costs."

Small caps tend to have smaller floats, making it easy to move their prices and raise trading costs.

"The biggest factor is the collapse of trading costs," he said.

There is some disclosure of trading costs, but not directly to mutual fund investors.

This won't impact London because its overall trading costs will remain globally competitive, albeit higher than now.