Despite their informational advantage, there are a variety of factors that limit brokers' role in the market. Information about "trustworthiness," unlike consumer credit information, is difficult to communicate in objective terms. What is ethical behavior to a thirtyyear-old dealer, may be an abhorrent business practice to a sixty-year-old dealer. (One Israeli dealer explained that within the bourse there are small trading groups whose members trade primarily among themselves. The groups are defined by their standards of what constitutes fair and ethical trading.) In addition, even when they participate in brokered transactions, the individual buyer and seller still have to acquire some information about the broker's judgment and reputation. This task is cheaper, however, since it is less transaction specific. Once a dealer determines that a broker has good judgment, he has access to many other dealers whose reputations he need not inquire into directly.

Lisa Bernestein, Opting out of the Legal Sys…, loc. 135