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Non-Tech : Ashton Technology (ASTN)

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To: Lorinda who wrote (423)	5/1/1999 11:39:00 AM
From: M.R. Davis	Read Replies (1) of 4443

Lorinda As I understand it (and here's a good test of what I've absorbed in the last few days!) the main story here is that Ashton Technology Group has a new alternative trading system - called VTS that uses VWAP (Volume Weighted Average Price). This system allows institutions to sell large blocks of stock anonymously and without impacting the price of the stock in a major way. Orders to sell (or buy?) are placed before the market opens and the system then automatically sells small chunks throughout the day until the large block is cleared. At the close of business that sell is recorded as one block. The Philly exchange has agreed to run the system on it's exchange. It launches July 1st. Revenue potential is enormous. CEO of ASTN is estimating they will be trading 20 million shares a day through the system with a charge of 3 cents per share traded. That gives revenues of $600,000 PER DAY for running an automated trading network. Profit could be easily $1 eps PER QUARTER by the end of this year.... and 20 million shares could be just the beginning - no reason why in 2000 we might not see 50 million a day or more.... CEO has a wealth of experience in this area being one of the major developers of Instinet and has all the contacts to get this off the ground. A 30 minute CNBC feature is on at noon today (EST) - Also ASTN owns 54% of Gomez Advisors and is planning an IPO for them.... however the alternative trading system is the real story here... ASTNW are the warrants giving you the option to purchase shares of ASTN at $5.85 and callable once the price is above $6.25 (or is $6.75??) for 20 consective business days. Interesting links: 127.0.0.1:3456/SI/~wsapi/investor/reply-9136012 biz.yahoo.com biz.yahoo.com ashtontechgroup.com ashtontechgroup.com Also some good posts off a fairly well informed fellow at Yahoo: messages.yahoo.com and messages.yahoo.com

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