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

To: Rob W who wrote (833)	5/7/1999 8:31:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 4443

Thanks Rob, that is more or less what I figured. What they did not clarify (and I am still missing) what happens when there are "imbalances". Will some well financed organization step in to provide the required liquidity at the VWAP? Or for that matter, since these are the 300 most liquid NYSE stock, these trade on either instinet or foreign market. Will they be using the prior day's VWAP (they must since the institution will be notified prior to opening) and will this VWAP include trades executed prior to opening on non NYSE markets? That will work for "stodgy" NYSE issues, but stocks like IBM and HWP that can move a good 2% to 5% from the open to the close even in a "quite" market, would that not create some problems? Zeev Zeev