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Non-Tech : Ashton Technology (ASTN)
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To: Zeev Hed who wrote (638)5/4/1999 8:34:00 PM
From: mst2000  Read Replies (1) of 4443
 
I have resisted posting on SI until now. I cannot stand factual inaccuracy., however, and feel compelled to add my three cents.

ATG charges a stated rate of $0.015 per share to each side of the transaction. It will discount this rate to certain users based on volume. It does NOT charge $0.03 per share. Please do not continue to base your analysis or critique on this misinformation.

Also, academics project that institutions will save between 8-12 basis points on each execution using VWAP. There is a study of actual trading by 7 institutions now published on the PHLX web site. It is very insightful and reflects compellingly why it is worthwhile for institutions to use VWAP as a trading technique.

I appreciate anybody who adds factual information or well reasoned analysis to the debate on whether this or any other investment is intelligent, safe, risky, etc. But please get your facts straight before you theorize why there will be little or no institutional interest in ATG's VTS system. In fact, there is considerable interest in the institutional marketplace for VWAP, as evidenced by the number of institutions who attempt to simulate VWAP trading by slicing up orders and trading them in a steady stream throughout the day. Unfortunately, they do not succeed in achieving anonymity, allowing the dreaded market makers to exploit their presence and obvious trading intent.

Factual accuracy is not a hobgoblin -- is essential to a fair minded analysis.

Thanks.

MST
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