Arizona Stock Exchange Appears on Alexander Haig's World Business Review: On Location TV Series Discusses `Online Stock Auction'.Business Editors BOCA RATON, Fla.--(BUSINESS WIRE)--April 20, 2001 Multi-Media Productions (USA), Inc. is proud to announce the participation of the Arizona Stock Exchange Arizona Stock Exchange A single price auction exchange for equity trading that allows anonymous buyers and sellers to trade at low transaction costs. on Alexander Haig's World Business Review - "On Location" series. The episode will air April 28,2001 through May 3, 2001 on U.S. public television stations, including New York, Chicago, San Francisco and Miami. For specific market-by-market air dates and times, please e-mail healingm@mmpusa.com. Arizona Stock Exchange (AZX) has created a true auction system for equity securities. By utilizing the exchange, investors can participate in a live, open auction for stocks. "Arizona Stock Exchange has put together something investors haven't seen in a very long time - a true auction for stocks that seeks to deliver a fair transaction price to all parties involved, regardless of size or expertise," said Lee Young, the show's associate producer. Steven Wunsch, president of the Arizona Stock Exchange, appears on World Business Review "On Location" to discuss how the exchange itself operates as well as the reason it was formed in the first place. "It's an electronic auction trading mechanism that is being introduced that has, as its primary purpose, the bringing together of many people at the same time to a single price trade. It's a safety-in-numbers concept that is quite different from the way continuous markets work. The Arizona Stock Exchange is the company that offers that mechanism to the market of investors," said Mr. Wunsch. The auction concept behind the Arizona Stock Exchange was originally developed by Mr. Wunsch to address the volatility issues that encumbered Encumbered A property owned by one party on which a second party reserves the right to make a valid claim, e.g., a bank's holding of a home mortgage encumbers property. the institutional marketplace in 1987. Currently, the exchange handles five daily auctions. The first ends at 9:30 a.m. Eastern Standard Time. The other four start at two-hour intervals, beginning at 10:00 a.m. The securities involved are New York, American or NASDAQ-listed, and each auction lasts for 30 minutes. Participants and supporters of the Arizona Stock Exchange include Goldman Sachs, J.P. Morgan, Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. (CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank ), Instinet and others. "AZX's pre-opening call auction will enable us to level the playing field for investors by offering a more transparent process for discovering opening price," said Bob Gasser Gas·ser , Herbert Spencer 1888-1963. American physiologist. He shared a 1944 Nobel Prize for research on the functions of nerve fibers. , Head of J.P. Morgan's U.S. Equity Trading. As this is the first online stock auction, it differs from what investors have otherwise experienced. Participants enter their respective bids or offers and see them entered into the auction in real-time. If, based upon competing bids or offers, the investor wishes to alter their price, they do so. The process is simple, as orders are sent to AZX, an algorithm computes a consensus price - the single price that maximizes volume and balances supply and demand. This price may change as orders are entered and the book builds, but when the auction ends, the final price is set and a multi-party trade takes place with everyone with a "good" order being executed at the same level. "It's so new that it hasn't been introduced in a full-form way. We are a very brand new market, so it's fair to say that nothing like what we are contemplating actually exists today," said Mr. Wunsch. World Business Review can be viewed on PBS PBS in full Public Broadcasting Service Private, nonprofit U.S. corporation of public television stations. PBS provides its member stations, which are supported by public funds and private contributions rather than by commercials, with educational, cultural, The Business & Technology Network, TWA, United Airlines, via webcast on BTNNTV.com (Business & Technology News Network), or through video on demand via (Yahoo!) at Broadcast.com, or AENTV.com. WBR WBR West Baton Rouge WBR With Best Regards WBR Warner Brothers Records (record label) WBR Whole Brain Radiation WBR Big Rapids, Michigan (Airport Code) WBR Wide Band Radio WBR Widening But Replicating , a continuing education series, is being used in a variety of business and technology courses or within the School of Business libraries at Carnegie Mellon University Carnegie Mellon University, at Pittsburgh, Pa.; est. 1967 through the merger of the Carnegie Institute of Technology (founded 1900, opened 1905) and the Mellon Institute of Industrial Research (founded 1913). , University of Notre Dame, Dartmouth College, Duke University, DePaul University, Georgetown University, University of Florida University of Florida is the third-largest university in the United States, with 50,912 students (as of Fall 2006) and has the eighth-largest budget (nearly $1.9 billion per year). UF is home to 16 colleges and more than 150 research centers and institutes. , City University of Hong Kong The university has a community of more than 12,000 undergraduates and 6,000 postgraduates. International students account for around 5% of the student population. The official language of instruction is English. , among other distinguished institutions of higher education. Videotapes or continuing education systems (via Indiana State University Indiana State University, main campus at Terre Haute; coeducational; est. 1865 as a normal school, became Indiana State Teachers College in 1929, gained university status in 1965. There is also a campus at Evansville (opened 1965). ) are available by calling 1-800-WBR-1032 or by visiting www.wbrtv.com. Inquiries: Steve Fox, Phone (415) 776-4100 Email sales@azx.com Arizona Stock Exchange, San Francisco, Calif. |
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