2 ASTN/Canada articles:
(Fred R. CEO, was reportedly in Canada last week.)
1.) recent Astn news release: (excerpt)
Ashton Technology Group, Inc. Announces Creation of ATG-Canada
PHILADELPHIA--(BUSINESS WIRE)--June 8, 1999--The Ashton Technology Group, Inc. (Nasdaq Small Cap Market:ASTN) announced today that ATG(tm)'s subsidiary UTTC(tm), and eTK, a wholly-owned subsidiary of Thomson Kernaghan & Co., Ltd. (TK), a Canadian investment dealer, recently signed a letter of intent to create a joint venture company - ''ATG-Canada.''
The purpose of the Canada-based ATG(tm) subsidiary is to co-develop, co-market and introduce innovative alternative trading systems (ATSs) for seamless use by US and Canadian institutions as well as other financial intermediaries such as broker-dealers and banks.
The first such ATS to be co-marketed and co-operated will be based on the volume weighted average price (VWAP®) trading system (VTS(tm)) developed by UTTC. The ATG-Canada joint venture arrangement will expedite opening the Canadian institutional market to UTTC and enable eTK to expand TK's customer base into the very large Canadian and US institutional markets
2.)Friday July 2, 1:17 pm Eastern Time
Canadian alternative trading systems to be regulated
TORONTO, July 2 (Reuters) - Canadian securities regulators proposed on Friday a governing framework for Alternative Trading Systems (ATS), intended to improve liquidity and allow for broader, more transparent access.
ATSs are automated matching systems that bring together buyers and sellers outside of traditional stock exchanges.
The proposal is one of a series of sweeping changes to be introduced this year on how and where Canadian securities are traded. It is open for discussion over the next 90 days, and will not be implemented until at least the year 2000.
''This tries to give Canadian investors the same type of access to all markets in Canada that currently exists in the U.S.,'' said Randee Pavalow, manager of market regulation at the Ontario Securities Commission.
Under Friday's proposal, Alternative Trading Systems must either take steps to become recognized exchanges in and of themselves, or join an existing exchange, or register as dealers with membership in the Investment Dealers Association of Canada, depending on the level of volume they deal with and what functions they carry out.
A regulatory framework for ATSs has been lacking in Canada, and is viewed as a crucial step to stem the tide of trading in Canadian securities flowing out of Canada to U.S. exchanges.
''ATSs are really about choice. If money managers or investors don't have the choice to use them they will take their business elsewhere,'' said Pavalow.
In the United States it is estimated there are about 100 ATSs in operation. In Canada only two -- Reuters Group Plc (quote from Yahoo! UK & Ireland: RTR.L) unit Instinet and Bloomberg Trade Book -- are authorized to trade foreign securities not listed on Canadian exchanges.
Under the new ATS framework, these two systems would be allowed to trade Canadian issues as well as foreign stocks. |
