Looks like ASTN is going to launch their institutional trading system this Friday:
Ashton Technology system nears fruition
By Joseph N. DiStefano
INQUIRER STAFF WRITER
After years of almosts, Ashton Technology Group Inc. says it is days
away from putting its Volume-Weighted Average Pricing system to work
helping big institutions trade small stocks on the floor of the Philadelphia Stock Exchange. Joked one longtime Ashton investor in an e-mail to this column, "The Ashton shareholders' meeting is Sept. 1, so I am betting the launch will occur before then, unless the CEO has recently taken out a life insurance policy."
Meanwhile, Ashton (best-known, so far, for its Gomez.com Web bank and broker ratings) is planning beyond the PhilEx launch - to the creation of its own online stock exchange.
The Center City company recently landed a $20 million investment by
Rose Glen Capital Management L.P. of Bala Cynwyd, Ashton's chief financial officer, Arthur Bacci, said.
Bacci says Rose Glen's cash will pay for development of the firm's online trading system - dubbed NextExchange - and its "transactional Web site," eMC, which will provide brokerage services for midsize financial institutions.
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