What Stock Trading Companies Take Million Dollar Plus Buys

[gregp]

What stock trading companies are some of you big dog stock traders using that will take million dollar plus buys for trading? 

[gregp]

I did some research and found this in a forum. 
 

Trades of very large amounts of stock are called "block trades." They are usually handled by a large investment house (typically NOT a Charles Schwab or TD Ameritrade).

The logical buyer for "institutional" amounts of stock are other institutions. A Goldman Sachs (or Morgan Stanley) will call up Fidelity, T. Rowe Price, Vanguard, etc. and say, "an institution has so many shares they want to buy (or sell) around the market price. Do you have a bid (to buy) or ask (to sell). The brokerage house will then go back to the first institution with a price. If there is a "match," the deal is done. In large size, this is called a "cross." Kudos to the broker.

Usually it's around the "old" market price. But because of the large size, it might not be. If it's off, it might set a "new" market price.