For whatever reason, I know I would have preferred a date certain, as opposed to "sometime in August," but the difference is pretty immaterial should the launch occur as represented in the last company PR.
As for institutional interest, I believe there will be plenty. This is mainly based off the terms used in the SEC approval documents. After reading that document, I was almost surprised there wasn't a disclaimer at the end indicating Ashton had paid them shares or some compensation for the report they issued. I have put the SEC's conclusion at the end, but the entire document can be read at the link on the info thread.
Aside from the SEC comments, it would be interesting to know the percentage of shares that are traded over systems that simulate the VWAP standard. If there is current interest in systems that try to approximate the standard, then why not just use the standard itself?
Anonymity seems to also be a concern of institutions, and Ashton system does quite well in this respect.
Thankfully, the end of August isn't far off and this speculation will be replaced by results, or the lack there of. At least now there are concrete signs of launching, i.e. SEC approval of the VWAP fee structure and clearing process.
V. Conclusion
The Commission believes the Exchange's proposal satisfies the
standards of the Act that apply to national securities exchanges. The
Commission recognizes that investors desire to trade large blocks of
securities anonymously and free of the price movements that often
accompany such transactions. By operating a facility that allows
investors to anonymously effect block-sized trades at the day's volume
weighted average price, the Exchange will be able to better accommodate
the needs of investors.
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