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Non-Tech : Ashton Technology (ASTN)
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To: Sir Auric Goldfinger who wrote (2734)10/1/1999 10:36:00 AM
From: mst2000  Read Replies (1) of 4443
 
Before you give yourself a bruise from patting yourself on the back, you may want to consider that months before you posted it here, anybody with even the most rudimentary knowledge of this industry viewed the SEC's approval of NASDAQ's linkup with Optimark as a foregone conclusion -- the only issue was "will it take days or weeks or months". Bear in mind Optimark has already been operating for a year on the Pacific Exchange and is accessible electronically.

How about highlighting the following portion of what you re-printed in bold print next time (as you certainly would have had the article been about Ashton):

"A group of firms with responsibility for processing and clearing trades sent a letter to the SEC in August saying OptiMark, because of features such as anonymity that are its selling point, might pose a threat to market integrity . . .
Mr. Riese said OptiMark will work with the firms to make sure its risk-management facilities meet their needs. A spokeswoman for the Securities Industry Association said "there still are shortcomings" in OptiMark but the firms "look forward to working with Nasdaq on enhancements" to address their concerns."

Which points out a problem that Optimark which eVWAP does not -- clearing agent problems --- because according to Fred Weingard at the annual meeting, eVWAP already has a feature built into it which addresses the clearing agent concern for tracking credit risk on otherwise anonymous trades without compromising anonymity, whereas Optimark does not. Which means Optimark still has to iron out issues with NASDAQ's clearing agents to get them accept the risks they are concerned about, which may inherently limit Optimark's volume until those concerns are resolved.

Not that it matters - I personally think Optimark is likely to be a success once institutions get comfortable with some of the system's complexities - but that has nothing to do with eVWAP and will not affect the success of eVWAP even slightly --- two completely different systems whose only real commonality is that (i) they provide anonymity, (ii) they are not ECNs and (iii) they are operated as facilities of registered exchanges. But such subtleties are wasted on you, Auric, being the trading jedi you proclaim yourself to be.

MST
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