Ashton Technology Canada and the Toronto Stock Exchange Sign Agreement to Operate eVWAP in Canada.

Business Editors

PHILADELPHIA & TORONTO--(BUSINESS WIRE)--June 12, 2000

The Ashton Technology Group, Inc. (NASDAQ: ASTN), through its subsidiary, Ashton Technology Canada, Inc., has signed an agreement with the Toronto Stock Exchange (TSE) to operate Ashton's proprietary eVWAP(TM) (electronic volume weighted average price) trading system as a Facility of the TSE.

The eVWAP(TM) Intelligent Match System allows pre-opening order matching for large-sized equity orders at a standardized volume weighted average price, with absolute, end-to-end electronic anonymity including "straight through" clearing and settlement.

When implemented in Canada, eVWAP(TM) will allow institutional money managers and broker-dealers to execute securities trades of Canadian listings globally at its precise volume weighted price with the assurance of anonymity. Anonymity helps reduce "market impact" costs - that is, the price reaction in the market when someone tips their hand.

Barbara Stymiest, President and CEO of the Toronto Stock Exchange said, "With the recent surge in retail investing notwithstanding, large institutional investors still account for the majority of the total value of customer trading on the TSE. These institutions are placing new demands on traditional exchanges to handle large block trades efficiently and anonymously. The TSE is highly attuned to the special needs of institutions that want to trade large positions at a fair market price, without tipping their hands."

She added, "the eVWAP is just one of a number of enhancements the TSE hopes to introduce in 2000. We are continuing with efforts to improve the market through: price time priority, a number of anonymous trading features including a call market and a market on close."

Fredric Rittereiser, ATG Chairman and Chief Executive Officer, said, "The fact that the Toronto Stock Exchange, long a leader in global electronic trading, recognized our concept of intelligent matching systems and agreed to using our eVWAP(TM) as a facility of the TSE places Ashton in the middle of the very important Canadian securities market."

Toronto Stock Exchange

The Toronto Stock Exchange consistently ranks among the world's top exchanges by market capitalization and trading volume. In 2000, the average daily value of TSE trading has exceeded $4 billion. The TSE provides investors with a well-regulated, fair and accessible marketplace.

Ashton Technology Group

Ashton Technology Canada, headquartered in Toronto, Canada, is a joint venture company formed by Ashton. Ashton Technology Canada will develop, market, and introduce electronic alternative trading systems to Canadian financial institutions. Ashton Technology Canada will be operated as a subsidiary of Ashton.

The Ashton Technology Group is an evolving network of affiliated companies that develop and market technology-based products and services to enable businesses and consumers to execute better-informed transactions within global electronic marketplaces.

Ashton utilizes advanced telecommunication, computing, data and information security, and Internet technologies, to develop electronic transaction and distribution systems and products for the global financial services industry.

The forgoing press release contains forward-looking statements based on current management expectations.

Factors which could cause actual results to differ from current expectations include whether the joint venture will be able to successfully introduce ATSs in Canada, regulatory issues that may arise in Canada affecting the joint venture, difficulties in deploying Ashton's technology in Canada, and the emergence of other competitors.

For a discussion of other factors, which may cause actual results to differ from current expectations, see Ashton's reports filed with the United States Securities and Exchange Commission.