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

To: mst2000 who wrote (1998)	7/5/1999 12:45:00 PM
From: Rob W	Respond to of 4443

This mentions a few of the different type of VWAP products that will be available. Universal Trading Technologies Corporation (UTTC™ ) UTTC™ designs, develops and operates systems to enable on-line transactions which can be made available to end users, on a secure basis, through various public and private communications networks. On April 8, 1997, UTTC™ completed the Universal Trading System ("UTS™") and its first product module, the VWAP® Trading System ("VTS™"). The UTS™ provides institutional investors and financial intermediaries with an electronic pathway for the execution of block trades together with high grade information security to guarantee anonymity for its users. The system provides end to end data security within a neutral electronic environment. The UTS™ system is designed to use computer and telecommunications technologies to enable users to receive system information, and to enter and execute orders either on-line or through the Internet. The system is available to exchanges, broker-dealers, NASDAQ participants and financial intermediaries. The UTS™'s first product module, the VTS™, is an electronic securities pricing and transaction system for trading exchange-listed and NASDAQ National Market quoted securities. All VTS™ system trades will be executed at the Volume Weighted Average Price ("VWAP®"), the average price for a specific stock weighted by the volume of shares of such stock traded "regular way" during the day on all securities exchanges throughout the United States as reported to the Consolidated Tape. VWAP® has been recommended by some industry experts as a means for providing best trade execution at the lowest possible cost. Management believes that a VWAP® trade execution is in increasing demand by money managers. The full family of VWAP® based products will include: Opening hour VWAP®, Closing hour VWAP®, "Witching Hour" VWAP® (pricing on option related securities, e.g., a three-day pre "witching hour" VWAP®), VWAP® Indices, and VWAP® as a security. The VTS™ product module will be followed by other products such as an Electronic Auction System (eAS™), an Electronic Public Limit Order Book (ePLOB™), and an Electronic Options Trading System (eOX™). Management believes that trades related to institutional securities transactions account for approximately half of all securities traded in the U.S. domestic market and that computerized pricing and execution systems have become an increasingly important form of trading for institutional investors. The Company anticipates that this trend will result in a high demand for the UTS™ system. UTTC™ is a party to a five year contract with the PHLX which defines a business relationship that includes the PHLX's employment of the VTS™ system on the exchange floor as a new trading product of the PHLX. Based upon the new ATS Regulations adopted by the Securities and Exchange Commission on December 2, 1998, management anticipates that the VTS™ can commence commercial operation on the PHLX in early July of 1999. Other avenues for launching the VTS™ system and other products include UTTC™'s recently formed broker-dealer subsidiary which could offer UTTC™'s products directly.