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Strategies & Market Trends : From the Trading Desk

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To: steve goldman who wrote (4488)	5/11/1999
From: M.R. Davis	Read Replies (1) of 4969

Steve Firstly thanks for some great posts - very informative indeed! Secondly - I wonder what you think about Ashton Technology Groups new alternative trading system (VTS - Volume weighted average price trading system) which is due to launch on July 1st at the PHLX. Basically it allows institutions to trade large blocks anonymously at the VWAP - orders must be placed by 9:20am and are reported after market close. Quite some discussion on the ASTN thread as to whether this technology will take off and whether Ashton can really get the revenue for it that they claim (0.015 on each side - for 0.03 total per share). "Wednesday March 24, 8:59 pm Eastern Time Company Press Release Ashton Technology Group, Inc. Announces SEC Approval of VTS PHILADELPHIA--(BUSINESS WIRE)--March 24, 1999--The Ashton Technology Group, Inc. (ATG(TM)) (NASDAQ Small Cap Market: ASTN) announced today that the Securities and Exchange Commission (SEC) has granted approval to the Philadelphia Stock Exchange, Inc. to operate the volume weighted average price (VWAP®) trading system (VTS(TM)). The VTS(TM) was designed and developed by the Universal Trading Technologies Corporation (UTTC(TM)), a subsidiary of ATG(TM). The VTS(TM) is a fully automated electronic trading system featuring a unique order matching algorithm for execution and a self-regulatory organization (SRO)-surveilled standard for calculating the VWAP®. The System will initially be introduced as a pre-opening session for listed securities where investors can execute trades at VWAP®. Pre-opening matches are ascribed the daily VWAP® price determined from all trades occurring during the same day as reported to the Consolidated Tape. Fredric W. Rittereiser, ATG(TM)'s President and CEO stated, ''VTS(TM) will be available directly to institutions, broker-dealers, and the public through financial intermediaries. Our System provides absolute anonymity and no market impact for its users through encryption and the absence of human intervention in the operation of VTS(TM). We plan to introduce a series of product variations and enhancements based on VWAP® as well as other innovative trading products.'' " Rittereiser (former COO of Instinet) is estimating volume of 20 million shares a day by the end of the year..... Your opinion? Mark PS - The move to Yamner happens once my two "moonshots" are secured... can't afford to be in such volatile positions while I change brokers and I don't want to be out of those positions either.

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