Ashton Technology Group Announces Agreement with Westminster Research Associates.Business Editors/Hi-Tech Writers PHILADELPHIA--(BUSINESS WIRE)--Feb. 28, 2001 New Alliance allows eVWAP(TM)Trades to Pay Institutions' Third Party Research and Soft Dollar Bills The Ashton Technology Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ASTN ASTN Automatic Switched Transport Network (optical networks) ASTN Automatically Switched Transport Network (ITU-T) ASTN Automotive Satellite Television Network ASTN Astern ASTN Astronomic ) announced today its Croix Securities affiliate has entered into an agreement with Westminster Research Associates, Inc., so that buy-side institutions, including plan sponsors and investment managers can access Ashton's ("electronic volume weighted average price") eVWAP trading system The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. to generate commission credits to pay for bona fide [Latin, In good faith.] Honest; genuine; actual; authentic; acting without the intention of defrauding. A bona fide purchaser is one who purchases property for a valuable consideration that is inducement for entering into a contract and without suspicion of being , independent third party research products. Institutional customers can now fully utilize the confidential eVWAP system while knowing that the resulting executions are generating credits to pay for their research, market data, information, among other soft dollar products through an account and record keeping system established and maintained through Westminster. In terms of executions, customers will receive, through eVWAP, one decimalized price reflecting an Exchange calculated volume weighted average price benchmark for the day. Croix President Marc Gresack stated, "we are excited about entering into this relationship with Westminster, whose soft dollar model is the most forward-thinking approach in the industry. Westminster provides institutional investors the convenience of consolidating their soft dollar business with one firm. Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , institutions are offered enhanced trading flexibility in their pursuit of best execution. The eVWAP trading system allows traders to execute block trades with no market impact in the new world of decimalization Decimalization The process of changing the prices that securities trade at from fractions to decimals. Notes: The reasoning behind this was to make prices more easily understood by investors, and to bring the United States into conformity with international practices. ." Ashton is an eCommerce company developing a network of affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. . Ashton companies build and market technology-based products and services enabling businesses and consumers to execute better-informed transactions within global electronic marketplaces. Ashton creates electronic transaction and distribution systems for the global financial services industry utilizing advanced telecommunication, computing, data and information security, and Internet technologies. Westminster, headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , is an NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). Broker Dealer specializing in providing independent research and administering soft dollar business on behalf of over 350 institutional clients. Westminster currently provides over 2,000 research and information products and services to its clients. The forgoing press release contains forward-looking statements based on current management expectations. A variety of important factors could cause results to differ materially from such statements. Factors that could cause actual results to differ from current expectations include the projected volume of orders placed through Westminster, Ashton's ability to achieve expected future levels of revenue from institutions that have account relationships with Westminster, industry trends, and competition. These and other risks are described in greater detail in Ashton's filings with the Securities and Exchange Commission, including those on forms 10-K and 10-Q. Websites: www.ashtontechgroup.com and www.evwap.com. |
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