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Non-Tech : Ashton Technology (ASTN)

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To: Daniel Levin who wrote (1992)	7/3/1999 11:20:00 PM
From: M.R. Davis	Read Replies (2) of 4443

Daniel The main benefit of ASTN's system is that allows institutions to buy and sell large blocks of stocks anonymously at the VWAP. What normally happens when, for example, a large mutual fund decides to enter a position for a stock is that the news of their BUY order for say 400,000 shares goes through a whole network of brokers who trade ahead of that block trade forcing the price higher and then selling when the large block hits.... consequently the mutual fund might end up paying 1-2 points extra for each share of those 400,000. Much cheaper to use ASTN's VWAP system - the large block is bought up anonymously in small chunks during the day and is reported after the close.... no-one can front run the order. Does that help? Mark

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