Ashton Technology Group, Inc. and SunGard Institutional Brokerage Inc. Form Strategic Alliance to Market Volume Weighted Average Price System.

PHILADELPHIA--(BUSINESS WIRE)--Aug. 18, 1999--

The Ashton Technology Group, Inc. (NASDAQ Small Cap:ASTN) today announced it has entered into a strategic alliance with SunGard Institutional Brokerage Inc. to market Ashton's volume weighted average price (VWAP(R)) system.

VWAP(R) is a pre-opening pricing and execution system for matching large equity blocks at a precise volume weighted price.

Ashton's VWAP(R) was approved for use on the Philadelphia Stock Exchange by the Securities and Exchange Commission in March and is scheduled for a first phase modified roll out in the next few weeks.

The system allows institutional money managers and broker-dealers to execute the most active NYSE-listed securities at Ashton's VWAP(R) with the assurance of complete anonymity. The system prices each security and processes the transaction straight through to clearing and settlement, with no human intervention and no market impact.

Pre-opening trades will be matched and assigned VWAP(R) at the end of the day, computed from all trades that occur during the day and reported to the consolidated tape. Following a morning order entry period, executions will occur and be reported by 9:20 a.m., with the final VWAP(R) calculated and assigned at 4:20 p.m.

Ashton's CEO, Fredric W. Rittereiser said, "It is our strategy to affiliate with market leaders like SunGard in marketing VWAP(R). We believe Ashton's VWAP(R), with its fully automated algorithms will be of great value to SunGard clients by providing a new channel of liquidity through a fully electronic execution process offering complete anonymity with no market impact."

SunGard Institutional Brokerage Inc. President, Jeanne Victore Crisci said, "We're committed to helping our clients exploit every technological edge. By offering Ashton's VWAP(R) we continue to enhance the wide range of investment products and services we offer to clients."

SunGard Institutional Brokerage Inc. also offers clients the ability to pay for SunGard and third-party investment-related systems with brokerage commissions. SunGard Institutional Brokerage Inc. is the exclusive broker-dealer for the SunGard products.

The Ashton Technology Group, Inc. is developing a family of on-line transaction systems using advanced telecommunication technologies, computing technologies, together with data and information security technologies to facilitate global financial transactions.

Ashton's proprietary transaction systems are made available to end users through proprietary networks, third parties, and the Internet.

SunGard Institutional Brokerage Inc., is an operating unit of SunGard Data Systems Inc. SunGard's business is computer service and application software. The Company is the only large specialized provider of proprietary investment support systems and is the pioneer and a leading provider of comprehensive computer disaster recovery services.

SunGard Data Systems Inc. common stock is listed on the NYSE under the symbol SDS.

The forgoing news release contains forward looking statements based on current management expectations, including the timing of the VWAP(R) rollout and that the alliance with SunGard Institutional Brokerage Inc. will meet the expectations of the partners.

A discussion of other factors which may cause actual results to differ from current expectations can be found in Ashton's reports filed with the SEC.

Company Contact: Christine A. Geisser, Director of Corporate Relations of The Ashton Technology Group, Inc., 1900 Market Street, Suite 701, Philadelphia, PA 19103. Telephone: [phone], Telefax: 215/636-3560. Website: www.ashtontechgroup.com.

SunGard Contact: Pamela Marnell, Telephone: [phone]. Telefax: 610/251-6568. [e-mail], or www.sibi.com.

Press Contact: Fraser P. Seitel, Siegel & Gale. Telephone: [phone], Telefax: 201/784-1446.