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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 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 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 (CSFB), 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, 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 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, 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, University of Notre Dame, Dartmouth College, Duke University, DePaul University, Georgetown University, University of Florida, City University of Hong Kong, among other distinguished institutions of higher education.

Videotapes or continuing education systems (via Indiana State University) 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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Date:Apr 20, 2001
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