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Non-Tech : Ashton Technology (ASTN)
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To: mst2000 who wrote (848)5/8/1999 11:27:00 AM
From: Zeev Hed  Read Replies (1) of 4443
 
mst, thanks, Rob was kind enough to point to me (PM) the specific language explaining the mechanism. And yes, as currently instituted and approved by the SEC, the participants will know the volume of matched transaction by 9:20 in the morning, but the price of these transaction will not be known until 4:20.

We'll have to wait and see how it actually works, I can already see the "wunderkids" on the street selecting few of these 300 issues for "special treatment" and day hedging tactics being designed to exploit the difference between the "expected" VWAP (any computer can calculate and update the VWAP during the day, as trading progresses) and the closing price late in the session. I have a gut feeling that if the system becomes accepted it will actually add some volatility to the market.

Zeev
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