Maybe they wanted to say 250,000,000 share issued not 250 Millionth Revenue Share Traded in 2001? LOL
The Ashton Technology Group Announces 250 Millionth Revenue Share Traded in 2001
PHILADELPHIA--(BUSINESS WIRE)--Dec. 17, 2001--The Ashton Technology Group, Inc. (OTCBB:ASTN.OB) announced today that it recently traded its 250 millionth revenue share at the daily volume weighted average price (VWAP) in calendar year 2001.
Based on third quarter 2001 institutional trading statistics collected and analyzed by Elkins/McSherry, a leader in global transaction cost consulting, Ashton customers collectively have saved between $6.5 million (2.6 cents/share) and $13.5 million (5.4 cents/share) in trading costs in 2001 through usage of Ashton's VWAP trading services.
Cost savings are based on average market impact losses in third quarter institutional trading (NYSE and Nasdaq) when measured against the VWAP.
Fredric Rittereiser, Ashton Chairman and Chief Executive Officer, said, "VWAP trading is approximately 15% of the market and growing. According to third quarter [2001] data from Elkins/McSherry, 81% of institutional trading in NYSE issues and 87% of institutional trading in Nasdaq issues fail to beat the VWAP. We are beginning to establish ourselves as a major liquidity provider at the volume weighted average price."
Ashton's eVWAP(TM) is an anonymous, pre-opening matching system that executes orders at an SEC-approved standardized eVWAP Price. At present, Ashton offers execution at the volume weighted average price in all S&P 500 equities, including 77 Nasdaq issues. Participants receive confidential, binding match reports before the market opening with the eVWAP Price automatically ascribed to such trades following the market close.
Key users of the System, which is operated by Ashton as a facility of the Philadelphia Stock Exchange, are brokers, index traders, plan sponsors, money managers, and other institutional investors.
Ashton is an eCommerce company that develops and operates electronic trading and intelligent matching systems for the global financial securities industry. Our focus is to develop and operate alternative trading systems, serving the needs of exchanges, institutional investors and broker-dealers in the U.S. and internationally.
Our goal is to enable these market participants to trade in an electronic global trading environment that provides large order size, absolute anonymity, no market impact and lower transaction fees.
The foregoing press release contains forward-looking statements based on current management expectations. A variety of important factors could cause results to differ materially from such statements. Factors that could cause actual results to differ from current expectations include unexpected regulatory filing issues, industry trends, and competition.
These and other risks are described in greater detail in Ashton's filings with the Securities and Exchange Commission.
Websites: www.ashtontechgroup.com and www.evwap.com.
CONTACT:
Ashton Technology Group, Inc., Philadelphia
Christine Geisser, 215/789-3300
Telefax: 215/789-3397
Shareholder email: shquestions@ashtontechgroup.com
KEYWORD: PENNSYLVANIA
BW2506 DEC 17,2001
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