Buck

.01 on 1.2 mill shs. is $12,000. I wud be shocked if the salesman made more than that on this trade unless he owed for some other deal.

The instit. brokerage community is quite small. A firm set up has a group of maybe 10 salesmen who talk to the various a/c's. The salesmen will always show potential trades to a position trader who can take trades on for the firms a/c. The seller will always be aware whether the firm is acting as an agent or principal.

If you were an a/c & wanted to move a large block of ARU the 1st thing you would do is call the salesman who covers you at the firm who did the underwriting at $37.50 or the salesman or firm who was involved in selling the ARU to you in the 1st place. You may also remember a salesman who previously showed you a buying interest. I won't get into the other route about calling "my favorite broker". The first 3 would probably have a better handle on a/c's having a potential buying interest.

Most large trades are done by salesmen acting as agents & crossing the shares for a negotiated commission. "Traders" usually refers to those who take positions for the firm or themselves & act as principals.

The entire process is quite logical & not complicated.