[mrbald]

Central counterparty concept implemented by most exchanges is a valid service, as otherwise counterparty risk management would be a nightmare - an example of a useful “middleman”.

[immibis]

Yes, but you and I can't even talk to the exchange. We have to talk to one of many brokers that are allowed to talk to the exchange, and brokers do much more than just passing your orders to exchanges. For example, IIRC they can legally front-run your orders.

[affyboi]

Brokers are required to give you NBBO or better. You could set up a direct connection to an exchange if you were willing to pay and were sufficiently motivated to deal with all of that

[idohft]

What exactly do you mean when you say this: > IIRC they can legally front-run your orders.

I doubt this is true, but there are definitions attached to front-running.