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Non-Tech : Ashton Technology (ASTN)

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To: TE who wrote (2303)	8/10/1999 5:42:00 PM
From: mst2000	Read Replies (2) of 4443

TE - With all due respect, NYSE does not use POSIT as its only avenue of electronic execution. POSIT is a system operated by ITG, not the NYSE, which does trade in NYSE stocks, but it is not my understanding that it is a facility of the NYSE (AJ - you seem to be knowledgeable about ITG and POSIT - can you shed light on this?). And I have heard from more than one place that 4 of 5 trades on the NYSE are executed off of computer screens, not specialists shouting at one another. If you have a definitive reference for your information, please let me know what it is. And when I say "central limit order book" for NASDAQ, I am referring to the limit order book we see a part of when we are watching a NASDAQ Level II screen (presumably, the entire NASDAQ limit order book is viewable on Level III). It shows limit orders placed by all B/D's on NASDAQ listed (NMS, Small Cap and BB) stocks. Is it your contention that this is not a central limit order book for NASDAQ?? Maybe we are arguing over semantics, but I do not think your facts are correct either. Anybody who can add substance to these issues - it would be appreciated. I will try to link to supporting data. MST

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