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

To: Zeev Hed who wrote (638)	5/4/1999 8:21:00 PM
From: Paul Viapiano	Respond to of 4443

Do all of you know how important it is to meet or beat the VWAP for a fund manager or institutional trader every single day? ASTN's software accomplishes this task automatically with very little risk, very inexpensively...period. No trader wants to explain to a large institution why his big order for the day was executed at a much higher price than the VWAP. The VWAP is the short term trader's benchmark and ASTN is providing the tool of choice for these traders.

To: Zeev Hed who wrote (638)	5/4/1999 8:34:00 PM
From: mst2000	Read Replies (1) \| Respond to of 4443

I have resisted posting on SI until now. I cannot stand factual inaccuracy., however, and feel compelled to add my three cents. ATG charges a stated rate of $0.015 per share to each side of the transaction. It will discount this rate to certain users based on volume. It does NOT charge $0.03 per share. Please do not continue to base your analysis or critique on this misinformation. Also, academics project that institutions will save between 8-12 basis points on each execution using VWAP. There is a study of actual trading by 7 institutions now published on the PHLX web site. It is very insightful and reflects compellingly why it is worthwhile for institutions to use VWAP as a trading technique. I appreciate anybody who adds factual information or well reasoned analysis to the debate on whether this or any other investment is intelligent, safe, risky, etc. But please get your facts straight before you theorize why there will be little or no institutional interest in ATG's VTS system. In fact, there is considerable interest in the institutional marketplace for VWAP, as evidenced by the number of institutions who attempt to simulate VWAP trading by slicing up orders and trading them in a steady stream throughout the day. Unfortunately, they do not succeed in achieving anonymity, allowing the dreaded market makers to exploit their presence and obvious trading intent. Factual accuracy is not a hobgoblin -- is essential to a fair minded analysis. Thanks. MST

To: Zeev Hed who wrote (638)	5/4/1999 10:30:00 PM
From: Rob W	Read Replies (2) \| Respond to of 4443

Zeev, If you believe in your system, I suspect during the delay waiting for SEC approval, Asthon was putting that time to good use. My guess is that they had commitments in place. Just an opinion of course. I also noticed in the first public statement, the CEO said 20 million by end of year. I noticed in today's news he stated the figure between 20 and 30 million. While the institutions using the system will not be public knowledge, I don't believe, the number of shares traded over it will be. Now maybe the CEO is a hypster (NOT), the increase in his share estimate might provide a hint of institutional interest. Perhaps the number is proportional to the number of commitments the company has in hand. Who knows for sure, but I for one look forward to the start date as everything will then be a matter of record. Of course "end of year" could mean at least 3 things, and I have an inquiry with the company to get clarification. In the context in which it is said I believe it means calendar year, but I want to check. Cheers