Ashton Technology Sucessfully Launches Volume Weighted Average Price Trading System On the Philadelphia Stock Exchange
PHILADELPHIA--(BUSINESS WIRE)--Aug. 30, 1999--The Ashton volume weighted average price (VWAP(R)) trading system, a unique pre-opening pricing and execution system for the matching of large equity orders at the volume weighted average price, began trading on the The Philadelphia Stock Exchange (PHLX), on Friday, August 27, 1999.
In its first day of trading, the VWAP trading system, developed by the Ashton Technology Group (Nasdaq Small Cap: ASTN), successfully met Ashton's expectations for the first phase of the rollout. Pre-opening trades were matched and assigned Ashton's benchmark daily volume weighted average price at the end of the day, computed from all trades during the day and reported to the consolidated tape.
Fredric W. Rittereiser, Ashton CEO, said, "We're pleased that the system worked well in its initial day of operation. The objective at this stage is to successfully demonstrate all operational aspects of VWAP(R).
In the VWAP's second stage, additional participants and eligible securities will be added to demonstrate customer/trader integration and growth. The third stage will demonstrate the system's volume growth and liquidity through the addition of larger broker-dealers, who aggregate orders from multiple locations," Mr. Rittereiser said.
The VWAP trading system allows institutional money managers and broker-dealers to execute the most active NYSE-listed securities at a precise volume weighted price with the assurance of complete anonymity.
In its current phase, the VWAP system permits enrolled participants to trade a list of 20 of the most widely-held listed securities, including America Online, IBM, AT&T, Lucent Technologies, Citigroup, General Electric, Compaq Computer, Pfizer, EMC Corp., Merck, Exxon, Philip Morris, Texas Instruments, Chase Manhattan Corp., Tyco International, Wal-Mart Stores, Bank America, Merrill Lynch, Hewlett Packard and AIG Insurance.
The Ashton Technology Group, Inc. is developing a family of on-line transaction systems using advanced telecommunication technologies, computing technologies, together with data and information security technologies to facilitate global financial transactions.
Ashton's proprietary transaction systems are made available to end users through proprietary networks, third parties, and the Internet.
PHLX is the nation's first securities exchange and is a market leader in the trading over 2,600 equities, 930 equity options, 14 sector index options, and 100 currency pairs.
The forgoing news release contains forward-looking statements based on current management expectations. A discussion of other factors, which may cause actual results to differ from current expectations, can be found in Ashton's reports filed with the SEC.
CONTACT:
Ashton Technology Group, Inc., Philadelphia
Christine A. Geisser, Dir. of Corporate Relations
215/751-1900
Telefax: 215/636-3560
Website: www.ashtontechgroup.com
or
Siegel & Gale
Fraser P. Seitel, 201/784-8880
Telefax: 201/784-1446 |
