Document:

Exhibit 4.5
                                                                     -----------

                            NON-COMPETITION AGREEMENT
                            -------------------------

         THIS  NON-COMPETITION  AGREEMENT (this "Agreement")  entered into as of
this ___ day of May,  2002 by and among The Ashton  Technology  Group,  Inc.,  a
Delaware  corporation (the  "Company"),  OptiMark  Innovations  Inc., a Delaware
corporation  (the  "Investor"),  OptiMark,  Inc.,  a Delaware  corporation,  and
OptiMark Holdings Inc., a Delaware Corporation (the Investor, OptiMark, Inc. and
OptiMark Holdings Inc,  collectively,  the "Group").  Unless otherwise stated in
this Agreement,  capitalized  terms used herein but not otherwise defined herein
shall have the meanings  ascribed to them in the Securities  Purchase  Agreement
dated as of the 4th day of  February,  2002,  by and between the Company and the
Investor (the "Purchase Agreement").

                                 R E C I T A L S
                                 - - - - - - - -

         WHEREAS,  pursuant to the terms of the Purchase Agreement,  on the date
of the Closing,  the  Investor is  acquiring  six hundred  eight  million  seven
hundred  seven  thousand five hundred  sixty seven  (608,707,567)  shares of the
Company's Common Stock; and

         WHEREAS,  pursuant to Section 4.29 of the Purchase  Agreement,  it is a
condition to consummate the transactions contemplated by the Purchase Agreement,
that the Group enter into a  non-competition  agreement with the Company in form
and substance mutually satisfactory to the Company and the Investor.

         NOW,   THEREFORE,   in   consideration   of  the  consummation  of  the
transactions  contemplated by the Purchase  Agreement and the mutual  agreements
and covenants herein contained, the parties hereto agree as follows:

         1. THE GROUP'S  NON-COMPETITION  COVENANTS.  The Group agrees that, for
the period  commencing  on the date of the  Closing  and  ending  five (5) years
following the date of the Closing (the "Restricted Period"), the Group will not,
within the Restricted Area (as hereinafter  defined),  (a) design,  implement or
operate a system or  service,  for  itself or (b)  operate a system  for a third
party,  in the case of (a) and (b),  that  matches  or fills  equity  orders for
Securities  (hereinafter  defined) priced at the Volume  Weighted  Average Price
("VWAP") or (c) design, develop, create or issue any derivative instrument whose
specifications  or  pricing  is derived  from the VWAP of an  underlying  equity
security or index of securities (the "Restricted Business").  "Securities" means
all equity securities and equity derivatives listed on a securities  exchange or
eligible for quotation on a securities  quotation system in the United States or
Canada,  including American Depository Receipts,  American Depository Shares and
similar instruments.

<PAGE>

         2. RESTRICTED AREA. The Group acknowledges that the Company will engage
in the  Restricted  Business  following the date of the Closing,  throughout the
world. For this reason,  the Group acknowledges that the reasonable area covered
by the  covenants  set forth in  Section 1 shall be the world  (the  "Restricted
Area").

         3. REMEDIES.  The Group acknowledges that the remedy at law of monetary
damages  for any  breach  or  threatened  breach of the  covenants  of the Group
contained in Section 1 hereof may be inadequate or impossible to ascertain,  and
that any  breach or  threatened  breach by any member of the Group  would  cause
immediate and irreparable  damage to the Company and its respective  affiliates.
Therefore, the Group agrees that in the event of any breach or threatened breach
by any member of the Group of any of its  covenants  herein,  in addition to any
and all legal and equitable  remedies  available to the Company,  its affiliates
and  its  respective  successors  and  permitted  assigns  for  such  breach  or
threatened breach, including a recovery of damages, such party shall be entitled
to seek preliminary or permanent injunctive relief.

         4.  SEVERABILITY.  Any  provision  of this  Agreement  which is  deemed
invalid,  illegal  or  unenforceable  in  any  jurisdiction  shall,  as to  that
jurisdiction and subject to this Section 4, be ineffective to the extent of such
invalidity,  illegality or  unenforceability,  without  affecting in any way the
remaining  provisions hereof in such jurisdiction or rendering such provision or
any other provision of this Agreement  invalid,  illegal or unenforceable in any
other  jurisdiction.  If any  covenant  should be  deemed  invalid,  illegal  or
unenforceable because its scope is considered excessive,  such covenant shall be
modified so that the scope of the covenant is reduced only to the minimum extent
necessary to render the modified covenant valid, legal and enforceable.

         5. MISCELLANEOUS.

               (a)   NOTICE.   All   notices,   requests,   demands   and  other
communications  hereunder  shall be in writing  and shall be  delivered  to each
party  hereto  by hand or sent by  reputable  overnight  courier,  with  receipt
verified, or facsimile,  with receipt verified, or registered or certified mail,
return receipt requested, addressed as follows:

                  (i)      If to the Company:

                           11 Penn Center
                           1835 Market Street, Suite 420
                           Philadelphia, PA  19103
                           Attention:  William Uchimoto, Esq.
                           Telephone:  (215) 789-3305
                           Facsimile:  (215) 789-3397

                                                                               2
<PAGE>

                           with copies to:

                           Christopher S. Auguste, Esq.
                           Jenkens & Gilchrist Parker Chapin LLP
                           The Chrysler Building
                           405 Lexington Avenue
                           New York, NY  10174
                           Telephone:  (212) 704-6000
                           Facsimile:  (212) 704-6288

                  (ii)     If to OptiMark Innovations Inc.:

                           c/o OptiMark Holdings, Inc.
                           10 Exchange Place
                           24th Floor
                           Jersey City, NJ  07302
                           Attention:  Secretary
                           Telephone:  (201) 536-7088
                           Facsimile:  (208) 293-4810

                  (iii)    If to OptiMark, Inc.:

                           10 Exchange Place
                           24th Floor
                           Jersey City, NJ  07302
                           Attention:  Neil Cohen, Esq.
                           Telephone:  (201) 536-7088
                           Facsimile:  (208) 293-4810

                           with a copy to:

                           Cummings & Lockwood
                           Four Stamford Plaza
                           107 Elm Street
                           P.O. Box 120
                           Stamford, CT  06904-0120
                           Attention:  Evan S. Seideman, Esq.
                           Telephone:  (203) 351-4277
                           Facsimile:  (203) 708-3808

or to such other  address as any party may  designate  by written  notice in the
aforesaid manner.

                                                                               3
<PAGE>

               (b) ASSIGNABILITY; BENEFIT. This Agreement shall be binding upon,
and shall inure to the benefit of, the parties  hereto and their  successors and
permitted assigns.  This Agreement shall not be assignable by any of the parties
except with the prior written  consent of all of the other parties  hereto,  and
any purported assignment without such consent shall be void.

               (c) GOVERNING LAW. The validity, interpretation, construction and
performance of this Agreement  shall be governed by the laws of the State of New
York without regard to its conflicts of law principles.

               (d) WAIVER.  Any failure of a party to comply with an obligation,
covenant,  agreement or  condition  herein may be waived in writing by the other
party,  but such waiver or failure to insist upon  strict  compliance  with such
obligation,  covenant,  agreement or condition  shall not operate as a waiver of
any other failure.

               (e)  AMENDMENT.  This  Agreement  may  be  amended,  modified  or
supplemented  only  by  written  agreement  executed  by  the  Company,  or  its
successors or permitted assigns, and the Group.

               (f) REMEDIES  CUMULATIVE.  All  remedies of the parties  provided
herein  shall,  to the extent  permitted  by law, be deemed  cumulative  and not
exclusive  of  any  other  remedies  available  to  the  parties,   by  judicial
proceedings  or  otherwise,  to enforce the  performance  or  observance  of the
covenants  and  agreements  contained  herein and every  remedy  given herein or
available by law to any party hereto may be exercised  from time to time, and as
often as shall be deemed expedient, by such party.

               (g) HEADINGS.  The section and other  headings  contained in this
Agreement   are  for   reference   purposes   only  and  shall  not  affect  the
interpretation or meaning of this Agreement.

               (h)  COUNTERPARTS.  This Agreement may be executed in one or more
counterparts,  each of  which  shall be  deemed  an  original,  but all of which
together shall constitute one and the same Agreement.

               (i) BANKRUPTCY,  ETC. This Agreement shall become null, void, and
unenforceable  in the event that (1) the Company has  dissolved or liquidated or
taken an equivalent  action,  (2) an involuntary  petition shall have been filed
under any federal or state bankruptcy, reorganization, insolvency, moratorium or
similar statute against the Company or any of its subsidiaries, (3) a custodian,
receiver,  trustee,  assignee  for the  benefit of  creditors  or other  similar
official  have been  appointed to take  possession,  custody,  or control of the
property  of the Company or any of its  subsidiaries,  (4) the Company or any of
its  subsidiaries  have  admitted  in writing  its  inability  to pay any debts,
individually or in the aggregate,  that are equal to or greater than $250,000 as
they mature,

                                                                               4
<PAGE>

or have filed any  petition  or action for relief  relating  to any  bankruptcy,
reorganization,  insolvency or moratorium  law, or any other similar law or laws
for the  relief  of, or  relating  to,  debtors,  (5) the  Company or any of its
subsidiaries  have made a general  assignment  for the benefit of  creditors  or
entered into an agreement of composition with its creditors,  or (6) the Company
or any of its  subsidiaries  ceases to operate a guaranteed  price and fill VWAP
service or system.

                            [signature page follows]

                                                                               5
<PAGE>

         IN WITNESS WHEREOF,  the parties have executed this Agreement as of the
date and year first above written.

                                THE ASHTON TECHNOLOGY GROUP, INC.

                                By: /s/ William W. Uchimoto
                                    -----------------------------------
                                    Name: William W. Uchimoto
                                    Title: EVP & General Counsel

                                OPTIMARK INNOVATIONS INC.

                                By: /s/ Robert J. Warshaw
                                    -----------------------------------
                                    Name: Robert J. Warshaw
                                    Title: President

                                OPTIMARK, INC.

                                By: /s/ Robert J. Warshaw
                                    -----------------------------------
                                    Name: Robert J. Warshaw
                                    Title: CEO

                                OPTIMARK HOLDINGS INC.

                                By: /s/ Robert J. Warshaw
                                    -----------------------------------
                                    Name: Robert J. Warshaw
                                    Title: CEO

                                                                               6<PAGE>

                                   DEMAND NOTE

$75,000.00                                                    Virginia Beach, VA
                                                                     May 9, 2002

     FOR VALUE RECEIVED, EASY MONEY HOLDING CORPORATION, a Virginia Corporation
("Maker"), promises to pay to David M. Kilby ("Holder"), ON DEMAND, at 3505 Byrn
Brae Drive, Virginia Beach, Virginia 23464, or at such other place as the holder
of this Demand Note (the "Note") may designate from time to time in writing, the
principal sum of SEVENTY FIVE THOUSAND DOLLARS ($75,000.00), together with
interest from the date hereof on the unpaid principal balance of this Note at
the rate, and on the terms and conditions, set forth below.

     The unpaid principal balance of this Note will bear interest at the rate of
eighteen percent (18%) per annum until all sums due under this Note are paid in
full. Maker will pay to Holder monthly interest only payments on the fifth day
of each month beginning June 5, 2002 until all sums due under this Note are paid
in full. The entire unpaid principal balance, all accrued and unpaid interest
and any other sums due under this Note ("Balance Due") shall be due and payable
in installments as set forth below on the earlier of (i) written demand by
Holder to Maker or (ii) a transfer, sale or assignment of more than twenty
percent (20%) of Maker's assets or shares of common stock ("Payment Event").
Payment by Maker of the Balance Due, plus all accrued interest thereon, shall be
made in installments pursuant to the following terms: one-third (1/3) of the
Balance Due, plus accrued interest, shall be paid on or before thirty (30) days
after a Payment Event, one-half (1/2) of the remaining Balance Due, plus accrued
interest, shall be paid on or before sixty (60) days after a Payment Event, and
the remaining Balance Due, plus accrued interest, shall be paid in full on or
before sixty (90) days after a Payment Event. Interest will be calculated and
paid based on the actual number of days elapsed and on a year of 365 days.

     An event of default ("Event of Default") under this Note shall occur if any
installment or payment of principal and/or interest due and payable under this
Note is not paid within twenty-five (25) days after the date when any such
installment or payment first becomes due and payable.

     On the occurrence, and during the continuance, of any Event of Default, at
the option of Holder and without notice to Maker, the Balance Due, and any
accrued interest thereon, shall bear interest thereafter until paid at an annual
rate (the "Default Rate") equal to the lesser of (i) twenty-three percent (23%)
per annum or (ii) the maximum rate of interest allowed to be charged under
applicable law (the "Maximum Rate"). All such interest shall be paid at the time
of and as a condition precedent to the curing of any such Event of Default. Upon
the curing of any such Event of Default, the Balance Due will bear interest at
the rate of eighteen percent (18%) per annum pursuant to the terms of this Note.

     Any payment described above shall be applied first to interest and then to
principal and shall be made in immediately usable funds which are lawful money
of the United States of

                                       1

<PAGE>

America.

     Maker may prepay the Note, in whole or in part, at any time without penalty
or premium.

     This Note may be modified by a written agreement signed by Maker and
Holder.

     This Note is intended as a contract under and shall be construed and
enforceable in accordance with the laws of the Commonwealth of Virginia, except
to the extent that federal law may be applicable to the determination of the
Maximum Rate.

                                               EASY MONEY HOLDING CORPORATION, a
                                               Virginia corporation

                                               By:  /s/ David Greenberg
                                                   ----------------------------
                                               Its: President
                                                   ----------------------------

GUARANTORS:

--------------------------------
/s/ David Greenberg

--------------------------------
/s/ Tami Van Gorder

                                       2

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