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

To: mmmary who wrote (4008)	8/7/2001 6:56:17 PM
From: mst2000	Read Replies (1) \| Respond to of 4443

"good article about evwap-like trading" ???????? Do you even read what you post when you are on a cut and paste frenzy? The article is interesting, but it is NOT even remotely about "evwap-like trading". The words "volume weighted average price" or acronyms "VWAP" or "eVWAP" do not even appear in the article. NYFIX's Millenium is just another alternative trading system trying to get off the ground - not too successfully so far. It bears no resemblence to eVWAP in terms of how it actually operates -- so what is the connection except that it's another trading system for use in a 3-4 Billion share a day market? BTW, NYFIX's order routing systems are apparently quite impressive and successful, and as a company, they have been around a long time and make money, but the Millenium ATS has had a much slower start than NYFIX management had originally projected (that's putting it kindly). Kind of like eVWAP and every other trading system in creation. My understanding is that Millenium may at some point offer a VWAP-like (time slicing) execution -- as many other trading systems already do -- but it is not mentioned in that article, which has nothing to do with VWAP-style trading and everything to do with why building liquidity is critical to the success of any ATS (and may actually give you some insight into why the 100 Million shares in 2-sided liquidity that eVWAP has lined up is so important for ASTN's future, not that you want any). Of course, having an intelligent and balanced discussion regarding such matters does not fit into your agenda of disparaging ASTN and Fred (and me too for that matter) in every possible way (whether fair or not). So never mind. Mark