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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies -- Ignore unavailable to you. Want to Upgrade?

To: Rock_nj who wrote (90724)	8/24/1999 3:43:00 PM
From: QuietWon	Respond to of 119973

CMTO - getting very close to 18 !!

To: Rock_nj who wrote (90724)	8/24/1999 3:45:00 PM
From: Teri Garner	Respond to of 119973

VRIO + 3 5/8 on 2.8 million volume.

To: Rock_nj who wrote (90724)	8/25/1999 5:17:00 PM
From: EyeDrMike	Respond to of 119973

Ashton Technologies Plans Electronics Options Market in 2000 Philadelphia, Aug. 25 (Bloomberg) -- Ashton Technologies Group, a Philadelphia company developing a stock trading system for the city's stock exchange, is planning to start an independent electronic options market next year. Ashton's NextExchange will take on the Philadelphia Stock Exchange's options trading floor, the Chicago Board Options Exchange and the other two established options markets. It will also go head-to-head with the International Securities Exchange, expected to be the first all-electronic options market. ''We will compete on several different levels, and we will be different,'' said Fred Weingard, chief technology officer at Ashton. Weingard declined to say how the exchange will be different from the ISE and the existing options markets. Universal Trading Technologies Corp., an Ashton subsidiary, is developing it and will apply for Securities and Exchange Commission approval within three to six months, he said. The ISE and NextExchange are planning to open amid unprecedented change in the options world. Federal regulators are looking into how options trade. Several lawsuits allege the exchange collude by listing certain options on a single exchange. This week, competition grew more intense as the CBOE and the American Stock Exchange listed options on Dell Computer Corp., previously an exclusive Philadelphia exchange franchise. Average Pricing On Friday, Ashton introduces its volume-weighted average price trading system for the Philadelphia exchange, where both options and stocks are traded. The so-called VWAP system is a crossing system to let securities firms and institutional investors place orders for stock at 9:15 a.m. New York time, before trading begins at 9:30 a.m., and receive after the close the average price at which the shares traded. It's designed for index funds, foreign investors and quantitative money managers. Like many other electronic systems, VWAP promises anonymity, so investors can place orders without fear others will see those orders and trade ahead of them. It doesn't guarantee execution, however. A buy order for 1,000 shares of a stock is processed only when there's a corresponding sell order. Investment Technology Group Inc.'s Posit introduced average price crossing systems several times in recent years with little success, said Tony Huck, an ITG senior vice president. ''In this market, with the volatility, there was little interest in people being locked into a VWAP,'' he said. ''So much can happen in the course of a trading day.'' Weingard responded that institutional investors have expressed interest in the system. He said it could garner as much as 15 percent of U.S. stock volume. The VWAP system, four years in the making, cost Ashton more than $10 million to develop. The Philadelphia will charge between 1 cent and 2 cents a share for the service. Ashton will receive an undisclosed percentage. Ashton, which hasn't had a profitable year since it sold shares to the public in 1996, lost $14.3 million in fiscal year 1999. It rose 3/16 today to 10 11/16. Aug/25/1999 16:19 For more stories from Bloomberg News, click here. (C) Copyright 1999 Bloomberg L.P.