The Ashton Technology Group Announces Regulatory Approval of CroixNet Alternative Trading System.Business Editors/Hi-Tech Writers PHILADELPHIA--(BUSINESS WIRE)--Aug. 3, 2001 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 that Ashton's affiliate agency broker, Croix Securities, Inc., has been granted its application to operate CroixNet(TM), an alternative 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. (ATS), by NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). Regulation, Inc. (NASDR NASDR See NASD Regulation, Inc. (NASDR) ). Croix had filed ATS applications with the NASDR and the Securities and Exchange Commission (SEC) in April of this year. The SEC application was a notice filing under Regulation ATS under the Securities Exchange Act of 1934, but the NASDR application required express approval by the NASDR. [pilcrow (paragraph sign)] CroixNet is an anonymous intelligent matching system that will execute trades in all listed and NASDAQ issues at eCLOSE(TM) Prices, based on primary exchange market and NASDAQ closing prices. The System will operate as an ATS platform of Croix. Participants receive confidential, binding match reports before the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and NASDAQ close with the eCLOSE Prices automatically ascribed to such trades following the market close. Croix's existing anonymity clearing relationship with Broadcort Capital Corp. will be extended to the processing of CroixNet trades. Fredric Rittereiser, Ashton Chairman and Chief Executive Officer, said, "We see CroixNet as a highly complementary trading platform to its eVWAP sister systems, which are facilities of the Philadelphia and Toronto Stock Exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. ." He added, "The plan is to provide institutional and broker-dealer customers seamless access to all of these confidential, market impact eliminating systems." Mr. Rittereiser stated that a launch date would be announced for CroixNet upon completion of an initial marketing phase. 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. 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 unexpected regulatory issues, 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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