Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Ashton Technology ASTN up 109% today!! cheap @ $2 7/8 more -- Ignore unavailable to you. Want to Upgrade?

To: EyeDrMike who wrote (7)	4/2/1999 6:02:00 PM
From: StockDung	Respond to of 9

SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 16103 \ April 2, 1999 Securities and Exchange Commission v. Michael Cardascia and Strathmore Equity Services, Inc. 98 Civ. 1938 (S.D.N.Y.) (KMW) The Commission announced that a final consent judgment has been entered in the Commission's action against radio talk-show host Michael Cardascia and his company Strathmore Equity Services, Inc. On March 17, 1999, Judge Kimba M. Wood permanently enjoined Cardascia and Strathmore from further violations of Section 17(b) of the Securities Act of 1933, and ordered them to pay $50,000 in penalties. Cardascia, of Manhasset, New York, hosted a radio program named Inside Wall Street, which was broadcast three times a week on WEVD in New York, from late 1995 through at least December 1997. The Commission sued Cardascia and Strathmore in March 1998, alleging inadequate disclosure of payments received for touting stocks on the radio program. Cardascia and Strathmore consented to the entry of the final judgment without admitting or denying the allegations in the Commission's complaint. Cardascia, age 33, was previously charged by the Commission with failing to disclose to broker-clients that he received kickbacks from stock promoters. SEC v. Atlantic Capital, et al., 96-1043-Civ-ORL-19A (M.D. Fla.). He settled that action in October 1998. See Litigation Release No. 15082, September 27, 1996 and Litigation Release No. 15714, April 21, 1998. For further information, see Litigation Release No. 15674, March 17, 1998.

To: EyeDrMike who wrote (7)	4/13/1999 2:38:00 PM
From: EyeDrMike	Respond to of 9

Reprinted from "Securities Industry News", 04/05/1999 with permission. Ashton System to Go Live on Philly Exchange by July By Mark Henderson The Securities and Exchange Commission's March 24 approval of the Philadelphia Stock Exchange's application to operate Ashton Technology Group's volume-weighted average price trading system (VTS) on its equity trading floor sets the stage for the system's launch by July 1, Fredric Rittereiser, Ashton's CEO, said last week. VTS is a pre-opening order matching system for the execution of large-sized stock orders at the volume-weighted average price (VWAP). Ashton and Phlx officials have touted VTS as the first system that enables investors to receive a weighted average price execution on a national securities exchange—one that offers anonymity and no market impact. It is aimed primarily at institutions. Under the operation of VTS, pre-opening matches will be assigned the daily volume-weighted average price determined from all trades occurring during the same day as reported to the Consolidated Tape Association. Following a morning order-entry period, VTS executions will occur at about 9:20 a.m. (local time), with the VWAP calculated and assigned at about 4:20 p.m., according to the Phlx. Under terms of the one-year pilot program approved by the SEC, the securities eligible for matching though VTS will be limited to the 300 most highly liquid and highly capitalized securities. In its approval order, the SEC said it believed the prices of such large, actively traded securities "are difficult to impact, and that as a result, the system's volume-weighted average price values should be less susceptible to manipulation." VTS will operate as a separate exchange system made available to Phlx members and their nonmember customers. The SEC approval order comes over two years after Phlx initially field a rule change to permit the operation of VTS. Rittereiser said the delay in approval was partly the result of Ashton and Phlx having to overcome the agency's market manipulation concerns, "because of the way VWAPs have been abused in the past," and also because of needed surveillance upgrades at the Phlx. Rittereiser said he expected to have signed on 50 participants—"more than half of which will be institutions, the rest broker dealers"—by the July 1 launch. He said he expected to have more than 100 institutions participating in the system by year-end. Rittereiser also predicted that "by year end, we'll be doing 20 million shares per day on the system." Referring to the only other system that is currently operating as a facility of an exchange, he said, "there is no doubt that we'll be bigger than Optimark." MY NOTE: 3 million shares a day = $15 mil a year, or about 1 dollar in EPS.