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

To: M. Frank Greiffenstein who wrote (3122)	1/3/2000 8:18:00 PM
From: mst2000	Read Replies (1) \| Respond to of 4443

DocStone - It is exactly that. A classic chicken and egg. ATG cannot invite a major institution to the eVWAP party, have them place a 500,000 share order, and then not be able to execute even though the liquidity was there because they did not have a clearing capability for that sized trade. Assuming that a company like Merrill and other similar giants of the industry will be clearing eVWAP trades, as rumor would have us believe, then executing several 500,000 share trades will be a piece of cake - literally. And just think who those types of giants may attract to the system. In other words, they do not merely clear the trades of others who stumble on the system, they presumably have authority and existing credit checks in place to clear for a slew of institutions who they can bring to the system on a soft-dollar allocation basis. Which translates into volume. Bottom line - crawl before you walk (SEC), walk before you run (big clearing agents), run before you sprint (10 MM per day, plus) and then get into your Lexus and drive away. MST