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Non-Tech : Ashton Technology (ASTN) -- Ignore unavailable to you. Want to Upgrade?

To: DLJMT who wrote (1533)	6/8/1999 7:27:00 AM
From: Rob W	Respond to of 4443

Firm plans to eclipse others on night trades By Joseph N. DiStefano (Philly) INQUIRER STAFF WRITER Let the New York Stock Exchange wait. Eclipse Trading - and its deep-pocketed partners - are charging ahead with plans for after-hours stock trading. By late July, Eclipse president Michael O. Sanderson says, his firm will be offering evening action to retail customers of Mellon Bank's Dreyfus Brokerage and Morgan Stanley's Discover Brokerage. That's despite last week's refusal of the New York Stock Exchange and the reluctance of the Nasdaq stock market to lengthen their hours before next year. "The trades will execute, realtime," Sanderson said, and will be booked and processed that evening. Eclipse has arranged for Nasdaq market maker Bernard L. Madoff Securities to handle evening trades in NYSE stocks, and for NYSE member Herzog Heine to make markets in Nasdaq stocks - neatly avoiding any conflict with their respective parent bodies. Salomon Smith Barney and Morgan Stanley also are backing the venture. Eclipse is co-owned by its Wall Street business partners and its executives, including Sanderson, a former president of Instinet, the original electronic stock-trading system. Another ex-Instinet chief, Philadelphia's own Frederic Rittereiser, also has high hopes for July. But unlike Eclipse, which has announced a series of deals with a lengthening list of Wall Street partners, Rittereiser's company, Center City-based Ashton Technology Group, is working hard to stay in charge of its destiny. Ashton's core of technologists is touring the nation, trying to persuade institutional investors to utilize its electronic trading systems when Ashton's systems begin going live at the Philadelphia Stock Exchange in the summer. So far, Ashton is not naming any big-league clients, however. PhilEx members such as McNamara Trading's Al Perry say they expect Ashton's systems will help to boost the market's stock-trading volume, which trails that of other regional exchanges. Meanwhile, Ashton's stock is on a tear. It has been trading in the $14 to $16 range, up from as little as $2 earlier this year.