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

To: Sir Auric Goldfinger who wrote (679)	5/5/1999 1:51:00 AM
From: mst2000	Read Replies (1) \| Respond to of 4443

I'm going to sleep in a sec, so I will have to respond to your next counterpoint some other time. And I promise I won't post after today as much as I have tonight - I must be going through some type of espresso induced, profit-driven catharsis. Most importantly, I am responding to ask that you please stop pushing a false assumption about ATG's pricing structure to prove your point about whether anybody will be willing to pay for VTS's VWAP executions. .03 is charged in the aggregate to buyer and seller, NOT to each side. Buyer and seller each pay 1.5 cents per share. If you do not think it intelligent to pay an extra one-half cent to save 8 to 12 basis points (on a $50 stock, that is between $0.04 and 0.06 per share), then perhaps you should consider taking remedial economics. I can assure you that a fund manager cares greatly about such spreads, and an ERISA plan manager may actually be legally obligated to achieve the savings where possible. BTW, the study was not prepared by the PHLX, the so-called "Dead Exchange". It was prepared by two respected Ph.D's who actually interpreted data rather than relying on their gut instincts and apparent self-knowledge of all things. Look, I really don't care if you read the study or not, but in fairness, you might give it a shot before you trash it. It will teach you a lot more than you know about the subject, believe me. I learned quite a bit from it, I'm sure you can too. And forgive me if I think a more diligent approach is to read everything that I can find about a subject, and actually think about it, before I pass it on to others as "fact" or "thoughtful analysis". If there is something truly negative to be discussed, believe me, I want to know about it as much or more than anybody here. But spare me the pronouncements on why something you obviously know very little about is so terrible and doomed to failure (which appears to be the gist of all of your posts that I have seen here). To each his own, I guess. MST

To: Sir Auric Goldfinger who wrote (679)	5/5/1999 7:46:00 AM
From: Rob W	Respond to of 4443

<<< PHLX is a dead exchange>>> Interesting characterization. If you are short, I am surprised you would point out that the Philly has a real stake in the timely implementation of VWAP. I always like it when people are financially motivated, thanks for the observation.

To: Sir Auric Goldfinger who wrote (679)	5/5/1999 8:32:00 AM
From: Rob W	Read Replies (2) \| Respond to of 4443

By the way, I don't agree with your characterization, but it's an opinion which you are free to have. PHILADELPHIA, April 7, 1999 - - The Philadelphia Stock Exchange (PHLX) announced today that volume in PHLX's 890 equity options for the month of March reached an all-time record of 4,109,375 contracts traded, surpassing the previous record volume month set in September, 1998 when 3,840,235 contracts changed hands. In addition, equity options volume through the first quarter of 1999 increased 42% to reach an all-time record of 11,385,596 contracts, surpassing the industry's percentage growth of 28% over the same period last year. Volume in PHLX's fourteen sectors index options for the month of March reached an all-time record of 401,665 contracts, an 8% increase over the previous record volume month set in January 1996, when 369,319 contracts changed hands. Leading this record was volume in PHLX's Oil Service Sector (OSX) which averaged over 10,185 contracts traded per day, with total volume for the month of March reaching a record 234,264 contracts traded. PHLX currently lists options on fourteen sectors: The Gold/Silver Sector, Semiconductor Sector, PHLX/KBW Bank Sector, Oil Service Sector, Computer Box Maker Sector, OTC Prime Sector, TheStreet.com Internet Sector, Utility Sector, Forest and Paper Sector, National Over-the-Counter Sector, Phone Sector, Super Cap Sector, U.S. TOP 100 Index, and the Value Line Composite Index. PHLX equity volume through the first quarter of 1999 increased to 450,049,071 shares traded, an increase of over 27% in comparison to the same time period last year when 354,745,969 shares changed hands. In addition, equity volume for the month of March, 1999 reached 165,782,170 shares, an increase of over 30% in comparison to March, 1998 when 127,584,248 shares traded. The PHLX trades over 2600 equity issues. Volume in PHLX's customized and standardized currency options reached 105,970 contracts traded for the month of March. In addition, customized and standardized currency options volume for the first quarter of 1999 increased to 239,646 contracts traded ($10.7 billion in underlying value). The PHLX is the first securities exchange in the U.S. and the nation's fastest growing sectors index options exchange. Founded in 1790, PHLX is a market leader in the trading of over 2600 stocks, 890 equity options, 14 sectors index options, and 100 currency pairs.