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

To: LPS5 who wrote (3671)	3/25/2001 12:19:56 AM
From: Rob W	Read Replies (1) \| Respond to of 4443

<<<Time slicing is a way of approximating the VWAP>>> So does time slicing actually occur and if it does what does it actually mean? How does one time slice??

To: LPS5 who wrote (3671)	3/25/2001 3:01:39 PM
From: jeffh20	Read Replies (1) \| Respond to of 4443

LPS5, "If a portfolio manager asked for a trade to be done with VWAP as the execution benchmark, the manager wouldn't time slice it. It depends what the buyside manager asks for." I quess as a "non-trader" I assumed that was the purpose of time-slicing, to try and match the VWAP. Interesting. It appears that as long as the stock is liquid and there's plenty of time for execution, time-slicing just makes it EASIER for the trading desk. I will again assume that the eVWAP trading system will just make it easier. "The fact - not assertion, but fact - remains: however a VWAP price is arrived at, if the client requests it, is worthwhile." And as you have stated: "the ramp-up in volume is indicative of market participants recognition of its' usefulness." Apparently we are beginning to witness client requests! Thank you for your posts. It is wonderful to hear from someone who actually does this professionally. Jeff