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Non-Tech : Ashton Technology (ASTN)

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To: AJ Berger who wrote (559)	5/4/1999 8:13:00 PM
From: Zeev Hed	Read Replies (3) of 4443

AJ, I am no real expert in large blocks trading, but I would guess that for the 300 most liquid stocks on the NYSE, placing large blocks is less of a problem than for the 3000 less liquid ones. Currently the institution pay about a penny a share for these services and tripling their costs must be justified by some unusual benefits, which I am not sure have been explained well. Furthermore, it is my understanding that to operate on the system, the institutions must be "subscribers" and I presume that ASTN is in the process of getting some institutions to subscribe. It would be interesting to find out what is the "rate of subscription" experienced so far. If we take into account that there are some 8000 funds and who knows how many institutions, one needs quite a sales force to reach all these potential customers and persuade them that under some circumstances it would be worthwhile to pay $.03/share rather than penny per share they pay now. To me this is not an obvious problem nor do I see how that process could be completed in less than a year and at substantial expenses. Since both sides of the transaction need to be subscribers, their job is far from trivial. Zeev

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