In addition to what you describe, the situation for "transparency" has ben steadily degrading on the retail trading side. SOme years ago, having L-II coverage meant you could see what was going on and then act on it with some reasonable expectation of having made a decision based on knowledge. One could see the games that MM's played with Bid and Ask on thinly traded stocks, and then take appropriate counter-actions.
But aout a year or so ago, they started the 100 share at a time bid shreding which made for a very difficult time of it. Steping up to Total View (deFacto L-III) one could at least still see the outstanding volume in depth lined up for trading. One could also se the Buys vs Sells and so understand what the trading was up to at any given time.
Now, they have introduced Inter-market sweps, which do not display the intention comuing up, as it is listing on "another market", and thenwhen it displays, you don't get to see whether the sweep was a buy or a sell. SInce all of that is obfuscated by the shredded trading anyway, now it really doesn't matter whether you pay for L-III or not, the have managed to blind you.
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