1.   Cancellations cost the dealers in fines, and can generate unwelcome publicity for the licensed dealer concerned.

2.   Cold-calling, at one licensed dealer, when the salesmen got desperate, was just not tolerated, it was actively encouraged.

3.   Dealing through licensed dealers can cost less than through stockbrokers, but usually costs more.

4.   Despite their prestige, they seem to have less to offer the private client than licensed dealers.

5.   Directors of licensed dealers rarely have secure jobs.

6.   Even when certain licensed dealers have survived, the firms in which they were making Markets have gone bust.

7.   Getting a job at another licensed dealer was somewhat easier.

8.   It is not uncommon for one licensed dealer to send a spy to work in another.

9.   It seemed like the end of an era for licensed dealers.

10.   Licensed dealers still deal in certain shares the punter reads about in the tip sheets.