Thanks Moosie, This PR seems to contain much information to kick around.
1. "Ashton also announced that eight firms have agreed to clear and settle trades..." I wonder who is in the Great Eight?
2. Whoever they are, they have, "agreed to clear and
settle trades by institutions, pension funds, and money managers." Not a bad set of clients.
3 Looks like there are 2 methods, "directly or through Croix Securities, a broker-dealer subsidiary of Ashton."
Any revenue implications based on which method is used?
4. "...electronic integration of customers through their clearing agents," This sounds like it was a significant hurdle and key to attracting usage. It also seems like this allows clients to maintain current relationships and can trade at the vwap with click of a mouse ease.
5. "Ashton recently announced joint ventures to introduce eVWAP(TM)in Canada, Hong Kong, and other Asia-Pacific markets." Is this a hint of further news? I didn't think we had Canada yet? I thought we just had a letter of intent to set up a joint venture that would be similar to ATG Asia, but I guess I need to go reread the Canada press release.
PHILADELPHIA--(BUSINESS WIRE)--Jan. 3, 2000--The Ashton
Technology Group, Inc. (NASDAQ Small Cap: ASTN) announced today that
its has received approval for listing of its common stock on the
NASDAQ's National Market System (NMS), effective January 5, 2000.
Arthur Bacci, Ashton's President and Chief Financial Officer,
stated, "The NMS listing should provide our shareholders with
significant benefits such as enhanced institution exposure and stock
analyst coverage. The NMS approval further demonstrates management's
commitment to increase the value of our shareholders' investment."
Ashton also announced that eight firms have agreed to clear and
settle trades by institutions, pension funds, and money managers
utilizing Ashton's Electronic Volume Weighted Average Price
(eVWAP(TM)) trading system directly or through Croix Securities, a
broker-dealer subsidiary of Ashton.
These arrangements will allow eVWAP(TM) users to anonymously
execute, clear and settle securities traded through the eVWAP(TM)
trading system with enhanced confidentiality of customer information
throughout the entire clearing and settlement process.
Fredric Rittereiser, Ashton Chairman and Chief Executive Officer,
said, "This phase of the eVWAP(TM) rollout, involving the integration
of third party clearing firms and the electronic integration of
customers through their clearing agents, was a prerequisite for an
effective electronic straight through processing system. Upon
completing the clearing firm integration, we can provide the
connectivity to the larger institutions and brokers-dealers, who
aggregate orders from multiple locations, to build the system's volume
growth and liquidity."
Ashton Technology Group, based in Philadelphia, is developing a
family of on-line electronic transaction and intelligent matching
systems, using advanced telecommunication and 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 networks, third parties, and the Internet. Ashton
concentrates on the concept of developing alternative trading systems
as unique adjuncts to established exchanges. Its U.S. eVWAP(TM)
trading system was launched as a facility of the Philadelphia Stock
Exchange in August.
Ashton recently announced joint ventures to introduce eVWAP(TM)
in Canada, Hong Kong, and other Asia-Pacific markets.
The foregoing press release contains forward-looking statements
based on current management expectations. Factors which could cause
actual results to differ from current expectations include
the impact of the NMS listing on Ashton's shareholder
value, the company's ability to expand customer usage of the eVWAP(TM)
system, dependence on arrangements with self-regulatory organizations,
and difficulties in deploying the Company's proprietary electronic
transaction systems in the U.S. and abroad.
For a discussion of other factors, which may cause actual results
to differ from current expectations, see Ashton's reports filed with
the United States Securities and Exchange Commission.
--30--KMK/ph*
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, Press Contact, 201/784-8880
Telefax: 201/784-1446
KEYWORD: PENNSYLVANIA
INDUSTRY KEYWORD: MARKETING AGREEMENTS
COMPUTERS/ELECTRONICS
TELECOMMUNICATIONS
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