All brokers that I use will charge a minimum of $100 for a transaction or 1% (whichever is higher). I think Peak is the only one I am aware of that charge like $75. However if you get an allocation through them, you are expected to go under the CHESS number that is with them. Otherwise why would they give you an allocation? It is a business and they need to make money.
What you are referring to with Paterson is advice based brokering. State that you do not want advice but you wish to simply participate in IPO's. I probably participate in about 30 or so a year so if you are only interested in a few then maybe just one broker is enough.
While I do accept that $100 for a transaction is high, you need to consider that even if you are given spread only in a stock and it goes up 50% which many good ones do, you will still make like a 40% return.
