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(BSNS WIRE) Ashton Technology Group, Inc. Completes Kingsway ATG Asia Jo
Ashton Technology Group, Inc. Completes Kingsway ATG Asia Joint Venture
Agreement; Former Hong Kong Regulator Richard Yin Named CEO
Business Editors/Hi-Tech Writers
PHILADELPHIA and HONG KONG--(BUSINESS WIRE)--Dec. 21, 1999--The
Ashton Technology Group, Inc. (Nasdaq Small Cap: ASTN) and Kingsway
Electronic Services Ltd., a member company of Kingsway International
Holdings Ltd. (Kingsway), announced today the creation of a joint
venture company, Kingsway ATG Asia Ltd., to develop, market, and
introduce electronic alternative trading systems (ATSs) in Hong Kong
and other Asia-Pacific markets on an exclusive basis.
Richard Yin, former Director of Intermediaries Supervision of the
Hong Kong Securities and Futures Commission and current expert advisor
to the China Securities Regulatory Commission (CSRC), was named chief
executive officer of Kingsway ATG Asia Ltd.
Kingsway ATG Asia, headquartered in Hong Kong, will initially
market Ashton's electronic volume weighted average price trading
system (eVWAP(TM)). Kingsway ATG Asia will also assist Ashton in
attracting institutional order flow in U.S. securities to the
U.S.-based eVWAP(TM) system deployed on a registered national exchange
- the Philadelphia Stock Exchange.
Fredric Rittereiser, Ashton Chairman and Chief Executive Officer,
said, "Asia is one of the fastest growing economic sectors in the
world today. Hong Kong and China are the underpinning of this region.
The opportunities for ATG in this joint venture coupled with the world
class leadership of Richard Yin provide us with the platform to
introduce our intelligent matching systems throughout the region."
William Lam, Kingsway's Managing Director, said, "Electronic
trading has begun to take hold in Asia. With Richard Yin to direct our
market initiatives, we fully expect Kingsway ATG Asia to be in the
forefront of this electronic trading revolution in Asia."
Richard Yin
As Director of Intermediaries Supervision of the Hong Kong
Securities and Futures Commission from 1994 to 1999, Mr. Yin was
responsible for the financial regulation of all registered
intermediaries and supervision of their business conduct.
Mr. Yin is currently serving as an expert advisor to the CSRC in
the area of intermediaries supervision. In this capacity, he is
assisting in formulating regulatory strategies and providing technical
direction in the areas of capital adequacy and supervision programs.
Prior to the Securities and Futures Commission, Mr. Yin served in
executive capacities at the Australian Securities Commission from 1991
to 1993.
Kingsway Electronic Services Ltd.
Hong Kong-based Kingsway is one of the region's premier full
service investment firms, well-recognized in corporate finance, asset
management and securities brokerage services. The firm has been a
sponsor/underwriter in many private and public securities offerings,
including several major Chinese public offerings.
Affiliated companies within Kingsway International are members of
the Stock Exchange and Futures Exchange of Hong Kong.
Ashton Technology Group
Ashton Technology Group, based in Philadelphia, is developing a
family of on-line transaction and intelligent systems, using advanced
telecommunication and computing technologies, together with data and
information security technologies, to facilitate global financial
transactions.
Ashton's proprietary transaction systems are made available to
end users through networks, third parties, and the Internet. Ashton
concentrates on the concept of developing alternative trading system
as unique adjuncts to established exchanges. Its U.S. eVWAP(TM) |
