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Non-Tech : Ashton Technology (ASTN)
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To: Zeev Hed who wrote (846)5/8/1999 10:58:00 AM
From: mst2000  Read Replies (2) of 4443
 
Zeev - I will pull text from the reg, but in the interim, maybe this will shed some light. The notice the trader receives in the morning is that a trade has been matched. The trade is NOT considered executed until after 4 p.m., when the VWAP has been established. At that time, a more traditional trade confirmation is sent to the consolidated tape and to the customer. Funds who report fund balances throughout the day merely treat shares matched on VWAP as being in their portfolios at their historical prices (and at current adjusting prices as the day continues) until the trade is executed at the close. And by the way, let us not forget that there are 6 or 7 intraday iterations of intraday VWAP trades that institutions will be very interested in that will be introduced shortly after VTS goes on line.

MST
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