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

To: Rob W who wrote (3111)	1/2/2000 1:59:00 AM
From: mst2000	Read Replies (4) \| Respond to of 4443

Rob - I'm 99% certain those fees represent what PHLX charges on ATG's behalf for the privilege of using eVWAP through the exchange. I think PHLX gets a very small percentage of that as its royalty and ATG takes the rest directly. I do not think the schedule includes at all what Croix might charge customers and brokers/dealers/intermediaries for "cooperation" as an intermediaries (soft dollar allocations, etc.). Which is how ATG almost certainly will both expand its overall revenue base through Croix and at the same time use Croix as a vehicle to establish alliances with other intermediaries and liquidity providers. So while $200,000 in revenue (much of which is pure profit) is nothing to sneeze at, the eVWAP revenue base goes beyond a multiplication exercise using the SEC table and Fred's annual meeting projections. Interesting, eh? MST