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

To: don denson who wrote (3653)	3/23/2001 5:21:40 PM
From: LPS5	Respond to of 4443

Hello Don, Let me say this again, to be totally clear - and because you've identified yourself as a "long." I do not care to know anything of, and care nothing for, any asserted positives or negatives pertaining to the company behind this trading system. I have no opinion whatsoever. For that matter, I have no opinion, positive or negative, of any other publicly traded company discussed in this or other public forums. That's my personal and professional policy. My sole reason for posting here is to, from a professional trader's perspective - which is to say, one of experience, and not speculation - address practical matters pertaining to the utility and potential effects of such a system, as well as some of the misperceptions that might arise. I can't see where you think there might be any reason for "give and take." I'm not asserting opinions - I'm telling you what happens on real equity trading desks participating in institutional order handling, placement, and positioning. I responded to a question from mst2000 a few days ago, and imagine he may have follow-up questions or want further information about some of the concepts I've introduced. And FYI, while there is a slight causal relationship between frontrunning and market impact, overwhelmingly they connotate different market phenomena altogether. The former, a regulatory infraction which is overwhelmingly retail-oriented; the latter, a trading/pricing effect borne of sales trading practices, the liquidity of a stock, the prevailing trend in the markets, and the type and number of market participants active in the issue. LPS5