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Non-Tech : Ashton Technology (ASTN)

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To: mst2000 who wrote (659)	5/5/1999 8:19:00 AM
From: Zeev Hed	Read Replies (1) of 4443

MST, when agreeing to execute a transaction at a weighed volume average price, someone is taking on the risk that this price may change while still holding the bag, who is taking on this risk for those unmatched transaction? Such activities require very deep pockets (in principle these should average out, but in practice, one can go broke doing this). I would presume that whomever takes on this risk will share with ASTN in the (now postulated, but still to be verified) $.015/share. Do we know who supplies the capital to keep the system "smooth" in turbulent periods? In essence, you can word the same question by asking during what kind of markets will ASTN system be preferred? I would guess when normal electronic order matching (during trading hours) is not liquid enough to narrow the spreads, but these periods are exactly when the risks of rapid shifts in sentiments occur. If ASTN is the bag holder, they are pitifully under capitalized for the task. If someone else is, then they will take the lion share of that $.015/share. What is wrong with that argument? Zeev

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