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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 (91137)	8/26/1999 12:12:00 PM
From: EyeDrMike	Respond to of 119973

Thursday August 26, 11:41 am Eastern Time Company Press Release SOURCE: Philadelphia Stock Exchange PHLX to Launch VWAP(R) System on Its Equity Floor PHILADELPHIA, Aug. 26 /PRNewswire/ -- The Philadelphia Stock Exchange (PHLX) announced today that it will begin trading on the Volume Weighted Average Price (VWAP®) trading system on its equity floor on Friday, August 27, 1999. Developed in conjunction with Universal Trading Technologies Corporation (UTTC), a subsidiary of Ashton Technology Group, the VWAP system is a pre-opening order matching system for the execution of large-sized equity orders at the VWAP. Following a morning order entry period, executions will occur at 9:20 a.m. (ET), with the final VWAP calculated and assigned at 4:20 p.m. (ET) each trading day. ''The VWAP system enables institutional money managers, financial intermediaries, and broker-dealers to execute the most active NYSE-listed securities at the much coveted volume weighted price with the assurance of complete anonymity,'' said Meyer (Sandy) Frucher, PHLX Chairman and CEO. Initially, participants will be able to trade up to 20 of the 300 listed securities approved for VWAP trading. Based on periodic reviews of order flow and liquidity levels, the eligible symbol set will increase in stages from 20 symbols to the full 300 symbols (expected by the first quarter of 2000). ''The primary objective of this initial stage is to successfully demonstrate all operational aspects of VWAP,'' said Frederic Rittereiser, Ashton CEO. ''The second stage will demonstrate customer/trader integration and growth while the final stage will demonstrate volume growth and liquidity.'' The following 20 companies will be eligible for trading at the launch: AIG American International Group Inc. AOL America Online BAC Bank of America Corp. C Citigroup, Inc. CMB Chase Manhattan Corp. CPQ Compaq Computer EMC EMC Corp. GE General Electric HWP Hewlett-Packard IBM International Business Machines LU Lucent Technologies MER Merrill Lynch and Co. Inc. MO Philip Morris MRK Merck PFE Pfizer T AT&T TXN Texas Instruments Inc. TYC Tyco International WMT Wal-Mart Stores Inc. XON Exxon Corporation The PHLX is the nation's first securities exchange and is a market leader in the trading of 2600 equities, 930 equity options, 14 sector index options and 100 currency pairs. For additional information on PHLX's products, trade data, and market information, browse PHLX's Web site at www.phlx.com.