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

To: Daniel Levin who wrote (2192)	7/26/1999 2:28:00 PM
From: mst2000	Respond to of 4443

Dan - The only connection between VTS and "after hours trading" is that all orders in VTS are entered prior to the open (before 9:20 a.m.) and executed just after the close. But the "trade" on VTS is executed at a price established by calculating the volume weighted average price of all shares traded the "regular way" during the daily selling session (9:30-4:00). "After hours" trading in the sense applicable to Instinet and ECNs involves buyers and sellers trading to each other after 4:00 p.m., or before 9:30 a.m., at prices established by them directly, in an electronic auction setting outside of the normal trading session (e.g., with price and volume disclosure, etc.). I do not think anybody in the industry would describe an ATS like VTS (with its unique VWAP pricing) as an "after hours" trading system. MST