Document:

Exhibit 4.3

THE ASHTON TECHNOLOGY GROUP, INC.

SENIOR SECURED

CONVERTIBLE PROMISSORY NOTE

	$2,727,273	May 3, 2002

	 	           This
Senior Secured Convertible Promissory Note and the securities issuable
upon its conversion have not been registered under the Securities Act of
1933, as amended (the “Act”) or other state securities
laws, and have been acquired for investment and not with a view to, or
in connection with, the sale or distribution thereof. No such sale or
disposition may be effected (i) without an effective registration
statement related thereto or an opinion of counsel that such
registration is not required under the Act and (ii) unless there shall
have been compliance with all applicable state securities or “blue
sky” laws.

	 

             
           FOR VALUE RECEIVED,  the  undersigned,  THE ASHTON  TECHNOLOGY  GROUP,
INC., a Delaware  corporation,  or its  successors  or assigns (the  “Company”),
hereby promises to pay to OPTIMARK  INNOVATIONS INC., a Delaware  corporation or
other holder  hereof (the  “Holder”),  the  principal  sum of TWO MILLION  SEVEN
HUNDRED  TWENTY SEVEN  THOUSAND  TWO HUNDRED  SEVENTY  THREE AND 00/100  DOLLARS
($2,727,273.00)  in lawful money of the United States of America,  together with
interest  thereon as, and under the conditions,  set forth herein.  This Note is
subject to the following terms and conditions:

             
           1.      Stock Purchase
Agreement.  This Note is issued under and pursuant to the terms of a Stock
Purchase Agreement dated as of February 4, 2002 (as amended on March 6, 2002 and
May 3, 2002, the “Stock Purchase Agreement”) by
and between the Company and the Holder. Capitalized terms used herein but not
defined herein shall have the meanings ascribed to such terms in the Stock
Purchase Agreement. 

             
           2.      Payment.  Payment
of both principal and interest on this Note shall be in such coin or currency of
the United States of America as at the time of payment shall be legal tender for
the payment of public and private debts and shall be payable at the principal
office of the Holder or at such other address designated in writing by the
Holder to the Company. 

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           3.      Pre-Payment.  The
Company may prepay,  without penalty or premium,
all or any portion of the unpaid  principal  amount of this Note,  together with
accrued interest on the amount prepaid.

             
           4.      Secured
Obligation.  The loan evidenced by this Note is secured by a first priority
security interest in all of the assets of the Company, including, without
limitation, the pledge by the Company of its right, title and interest in each
of its subsidiaries, pursuant to that certain Pledge and Security Interest,
dated as of the date hereof (the “Security
Agreement”), by and among the Holder, the Company and
Universal Trading Technologies Corporation, a Delaware corporation and
majority-owned subsidiary of the Company. 

             
           5.      Maturity.  On
May 3, 2007, the entire unpaid principal balance of this Note, together with any
accrued and unpaid interest hereon and any other sums owing hereunder, under the
Stock Purchase Agreement and under the Security Agreement, shall become due and
payable in full, without notice or demand. 

             
           6.      Interest.  Subject
to the provisions of Section 14 below, from the date hereof interest shall
accrue on the unpaid principal balance under this Note at a rate equal to seven
and a half percent (7.50%) per annum (the “Interest
Rate”), and shall be due and payable semi-annually and on
the Maturity Date. Interest accruing hereunder will be computed on the basis of
a year of 360 days and paid for the actual number of days elapsed (including the
first but excluding the last day). 

             
           7.      Conversion.

            
           
        
(a)      Optional Conversion.  At any time and from time to time prior to the Maturity Date, at
the option of the Holder, all or any part of the then outstanding principal
amount and interest of this Note (the “Conversion
Amount”), may be converted (the
“Conversion”) into a number of shares of Common
Stock, par value $.01 of the Company, (the “Conversion
Shares”) equal to the Conversion Amount divided by the
Conversion Rate. For purposes of this Note, the “Conversion
Rate” shall be equal to $.0515838, as adjusted from time to
time as set forth below. All Conversion Shares issued upon the Conversion shall
be included as “Registrable Securities” under the Investors’
Rights Agreement and shall be subject to the rights and obligations under that
agreement. Each of the Company and the Holder shall perform such acts and
execute such documents and instruments as are reasonably requested by the other
to the matters set forth in this Section 7(a). 

            
           
        
(b)      Mechanics of
Conversion.  In order to exercise the Conversion right, the Holder shall
surrender this Note at the principal office of the Company and shall give
written notice of such exercise, substantially in the form of Exhibit A
attached hereto (the “Conversion Notice”), to the
Company at such office. Subject to compliance with Section 7(e) below, such
Conversion shall be deemed to have been effected at the close of business on the
date on which such Conversion Notice, duly completed and executed, shall have
been given as aforesaid or such later date as the Holder may require as set
forth in the Conversion Notice, which date, subject to Section 7(e) below, shall
not be more than 15 days after the date of the Conversion Notice, and, at such
time the rights of the Holder with respect to such portion of the

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principal amount of the
Note as is subject to such Conversion shall cease, as such, and the Holder shall
be deemed for all purposes to have become the Holder of the Conversion Shares.

            
           
        
(c)      Consolidation, Merger or Sale of Assets.  The Conversion Rate shall be
subject to appropriate adjustment in the event of any stock, dividend, stock
split, reverse stock split, recapitalization, reclassification, merger,
combination, consolidation or other similar transaction occurring on or after
the date of this Note and prior to the Conversion. Upon each occurrence of any
event described in the immediately preceding sentence, the Conversion Rate in
effect immediately prior to such event shall be adjusted (and any other
appropriate actions shall be taken by the Company) so that the Holder, upon the
Conversion, shall be entitled to receive the number and type of Conversion
Shares that the Holder would have owned or would have been entitled to receive
upon or by reason of any of the events described above, had this Note been
converted immediately prior to the date of such event, or if such event has a
record date, then the record date applicable to such event. An adjustment made
pursuant to the immediately preceding sentence shall become effective
retroactively to the close of business on the day upon which such event becomes
effective. 

            
           
        
(d)      Certificates.  As
promptly as practicable, but in no event later than five (5) Business Days after
any Conversion, the Company shall issue and deliver, or cause to be delivered,
to the Holder the certificate or certificates representing the Conversion Shares
(the “Certificates”) and a new Note (containing
terms substantially identical to this Note) in a principal amount equal to (i)
the outstanding principal amount immediately prior to the Conversion, minus (ii)
the Conversion Amount so converted in the Conversion. Notwithstanding any
provision of this Note to the contrary, no Conversion shall be deemed to have
occurred unless and until the Certificates shall have been delivered to the
Holder, together with the new Note, whereupon such Conversion shall be deemed to
have been effective as of the date set forth for Conversion in the Conversion
Notice; provided, however, that no failure by the Company to
deliver the Certificates or the new Note shall prohibit the Holder from
exercising his rights as the Holder of the Conversion Shares. 

            
           
        (e)      Compliance
Matters.  The Company and the Holder shall use reasonable commercial efforts
to assure that all Conversion Shares issued hereunder may be so issued without
violation of any applicable law or governmental regulation or any requirements
of any domestic securities exchange upon which Conversion Shares may be listed
(except for official notice of issuance which shall be immediately delivered by
the Company upon each such issuance) and shall cooperate in making any
governmental filings or obtaining any governmental approvals required in
connection with any Conversion. Notwithstanding anything to the contrary
contained herein but subject to the obligations of the Company and the Holder
under the prior sentence, if the Company reasonably determines that, in
connection with the Conversion, it is necessary to list, register or qualify the
Conversion Shares underlying this Note on any securities exchange or under any
law, to notify or receive consent or approval of any governmental entity or
third party, or to take an action such that the issuance of the Conversion
Shares does not violate any law, rule or regulation to which the Company or its
business is subject, then no Conversion may be effected, in whole or in part,
and no Conversion Shares may be issued, unless such conditions and requirements
have been satisfied in a manner that is reasonably acceptable to the Company and
the Company and the Holder 

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shall take such commercially reasonable actions as may be necessary to cause
such conditions and requirements to be satisfied.

            
           
        (f)      Fractional
Shares.  No fractional shares or scrip representing fractional shares shall
be issued upon any Conversion of this Note. With respect to any fraction of a
share which would otherwise be issuable upon any such Conversion, the Company
shall pay such fractional amount in cash.

            
           
        (g)      Taxes on Conversion.  The
Company's issue of the Certificate(s) on a Conversion of this Note
shall be made without charge to the Holder for any tax in respect of the issue (but not the ownership)
thereof.

             
           8.      Compliance with
Laws.  It is expressly stipulated and agreed to by the Company and the Holder
at all times that it is their intent to comply with applicable state law or
applicable United States federal law (to the extent it permits the Holder to
contract for, charge, take, reserve or receive a greater amount of interest than
under state law) and that this section shall control every other covenant and
agreement in this Note and the related Security Agreement. If the applicable law
(state or federal) is ever judicially interpreted so as to render usurious any
amount called for under this Note, or contracted for, charged, taken, reserved
or received with respect to the indebtedness evidenced by this Note, then it is
the Company’s and the Holder’s express intent that all excess amounts
theretofore collected by the Holder be credited on the principal balance of this
Note (or, if this Note has been or would thereby be paid in full, refunded to
the Company), and the provisions of this Note and the Security Agreement
immediately be deemed reformed and the amounts thereafter collectible hereunder
and thereunder reduced, without the necessity of the execution of any new
document, so as to comply with the applicable law, but so as to permit the
recovery of the fullest amount otherwise called for hereunder and thereunder. 

             
           9.      Waiver of
Presentment, etc.  The Company and all endorsers of this Note hereby waive
presentment, demand, protest and notice. The Holder shall, promptly upon full
payment by the Company of the principal of and interest on this Note, together
with all costs and expenses, if any, due hereon, surrender this Note to the
Company, for retirement and cancellation; provided, however, that
to the extent the Company make a payment or payments to the Holder, which
payment or payments or any part thereof are subsequently invalidated, declared
to be fraudulent or preferential, set aside, and/or required to be repaid to a
trustee, receiver, or any other party under the United States Bankruptcy Code,
as amended, any state or federal law, common law, or equitable causes (a
“Voidable Transfer”) and the Holder is required
to repay or restore any such Voidable Transfer or the amount or any portion
thereof, or upon the advice of its counsel is advised to do so, then as to any
such Voidable Transfer or the amount repaid or restored (including all
reasonable costs, expenses and attorneys’ fees of the Holder related
thereto), the joint and several liability of the Company shall automatically be
revived, reinstated and restored and shall exist in full force and effect as
though such Voidable Transfer had never been made. 

             
           10.      Collection Costs.  Should
the indebtedness evidenced by this Note or any part thereof be
collected in any proceeding at law, or this Note be placed in the
hands of attorneys for collection after
default by the Company in making due and punctual payment of

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principal  at maturity  and interest  hereunder,  the Company  agrees to pay all
costs of collecting this Note, including reasonable attorneys' fees and expenses
and court costs, if any.

             
           11.      Information
Rights.  For so long as any amounts remain outstanding
under this Note,  the  Company  shall be required to provide the Holder with the
following:

            
           
        (a)      annual
audited consolidated financial statements within 90 days of
fiscal year end;

            
           
        (b)      (i) monthly
consolidated unaudited statements with comparisons to budget and prior year
within 30 days of month-end and (ii) quarterly unaudited consolidated statements
with comparisons to budget and prior year within 45 days of the end of each
fiscal year’s first three fiscal quarters; 

            
           
        (c)      not
later than 45 days
prior to each fiscal year-end, a consolidated operating budget for the next
fiscal period which has been approved by the Board; 

            
           
        (d)      as
soon as practicable, copies of all reports filed with the SEC;

            
           
        (e)      as
soon as practicable,  copies of all  correspondence to and from
the  National  Association  of  Securities  Dealers,   Inc.  (the  “NASD”),  the
Philadelphia Stock Exchange Inc., the Toronto Stock Exchange Inc. and the NASDAQ
Stock Market;

            
           
        (f)      the  right  of the  Holder,  on  reasonably  prior  notice  to the
Company,  to inspect  the books and  records of the Company as well as visit and
inspect any of the properties of the Company;

            
           
        (g)      prompt
notice of events of default  under any material  agreement,
including, without limitation, any Event of Default under this Note.

             
           12.      Assignment.  
Neither this Note nor the rights and obligations of the Company may be assigned
by the Company without the prior written consent of the Holder and any attempted
assignment in contravention of this Note shall be null and void and of no
effect. The Holder may assign its rights or obligations hereunder to any
Affiliate of the Holder; provided that, in the event that any such assignment is
in violation of any federal securities laws or any rules or regulations of the
NASD or would result in the delisting of the Company’s securities from the
Nasdaq OTC Bulletin Board, such assignment shall be null and void and of no
force or effect. This Note when surrendered for assignment or transfer by the
Holder shall be accompanied by the Assignment Form, substantially in the form of
Exhibit B attached hereto, duly executed by the Holder. Effective upon
any such assignment, the Person to whom such rights, interests and obligations
were assigned shall have and exercise all of the Holder’s rights, interest
and obligations hereunder as if such Person were the original Holder of this
Note. 

             
           13.      No Rights
as Stockholder; Note is Debt.  This Note does not entitle
the Holder hereof to any voting  rights or other rights as a stockholder  of the
Company.  The Company shall treat,  account and report this Note as debt and not
equity for accounting and tax purposes.

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           14.      Event of
Default.  Upon the  happening of any Event of Default (as
defined below), (i) the principal of and accrued and unpaid interest on the Note
shall  ipso  facto  become  and be  immediately  due  and  payable  without  any
declaration  or other act on the part of any holder,  (ii) the Holder shall have
and may  exercise  any and all rights and  remedies  available  to him under the
terms of this Note, the Stock Purchase  Agreement and the Security Agreement and
(iii) the Holder  shall have and may  exercise  any and all rights and  remedies
available to it, at law and in equity.  For purposes hereof,  “Event of Default”
means the occurrence of any of the following:

            
           
        (a)      the breach of any term
or obligation of the Company under this Note, including, without limitation, the
failure to pay when due interest and/or principal amounts under the Note; 

            
           
        (b)      the  breach of any term or  obligation  of the  Company  under the
Stock  Purchase  Agreement,  the  Security  Agreement or the  Investors'  Rights
Agreement;

            
           
        (c)      the breach of any term
or obligation of the Company under the Rose Glen Note, as amended, restated,
supplemented, re-structured or otherwise modified from time to time; 

            
           
        (d)      the entry of a decree
or order for relief by a court having jurisdiction in the premises in respect of
the Company in an involuntary case under the federal bankruptcy laws, as now
constituted or hereafter amended, or any other applicable federal or state
bankruptcy, insolvency or other similar laws, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of
the Company or for any substantial part of their property, or ordering the
winding-up or liquidation of any of their affairs and the continuance of any
such decree or order unstayed and in effect for a period of 60 consecutive days;
or 

            
           
        (e)      the commencement by the
Company of a voluntary case under the federal bankruptcy laws, as now
constituted or hereafter amended, or any other applicable federal or state
bankruptcy, insolvency or other similar laws, or the consent by any of them to
the appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of the Company or for any
substantial part of its property, or the making by it of any assignment for the
benefit of creditors, or the failure by the Company generally to pay its debts
as such debts become due, or the taking of corporate action by the Company in
furtherance of or which might reasonably be expected to result in any of the
foregoing. 

             
           15.      Loss, Theft or
Destruction of Note.  Upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft or destruction of this Note and of
indemnity or security reasonably satisfactory to it, the Company will make and
deliver a new Note which shall carry the same rights to interest (unpaid and to
accrue) carried by this Note, stating that such Note is issued in replacement of
this Note, making reference to the original date of issuance of this Note (and
any successors hereto) and dated as of such cancellation, in lieu of this Note. 

7

            
           
        16.      Seniority.  To the fullest extent permitted by law, all principal
and  interest  on this  Note  shall be  senior  to any and all other
indebtedness  of the  Company  covenants  and  agrees  that it  shall  incur  no
indebtedness to rank senior to the  indebtedness  evidenced by this Note without
the prior written approval of the Holder and a tri-party subordination agreement
with terms and conditions satisfactory to the Holder.

             
           17.      Definitions.  As used in this Note, the following terms shall have
the following meanings:

            
           
        (a)      “Act” means the Securities Act of 1933, as amended.

            
           
        (b)      “Affiliate”  has the  meaning  specified  in Rule 12b-2 under the
Exchange Act, and the rules and regulations promulgated thereunder.

            
           
        (c)      “Board” means
the board of directors of the Company.

            
           
        (d)      “Business
Day” means any day other than a Saturday, Sunday or other
day on which banks in the City of New York are required or authorized to be
closed. 

            
           
        (e)      “Certificates” has
the meaning set forth in Section 7(d).

            
           
        (f)      “Common  Stock” means
the Company's  common stock,  par value $.01
per share.

            
           
        (g)      “Company” has
the meaning set forth in the preamble.

            
           
        (h)      “Conversion” has
the meaning set forth in Section 7(a).

            
           
        (i)      “Conversion Amount” has the meaning set forth in Section 7(a).

            
           
        (j)      “Conversion Notice” has
the meaning set forth in Section 7(b).

            
           
        (k)      “Conversion Rate” has
the meaning set forth in Section 7(a).

            
           
        (l)      “Conversion Shares” has the meaning set forth in Section 7(a).

            
           
        (m)      “Event of Default” has
the meaning set forth in Section 11.

            
           
        (n)      “Exchange Act” means
the Securities Exchange Act of 1934, as amended.

            
           
        (o)      “Holder” has the
meaning set forth in the preamble.

            
           
        (p)      “Interest Rate” has the
meaning set forth in Section 6.

            
           
        (q)      “NASD” has
the meaning set forth in Section 11.

            
           
        (r)      “Note” means
this 7.50% Senior Secured Convertible Note of the Company, as may be adjusted as
provided herein.

8

            
           
        (s)      “Person” means
any natural person, firm, corporation, propriety, public or
private company,
partnership, limited liability company, public liability company, trust or other
entity, and shall include any successor (by merger or otherwise) of such entity. 

            
           
        (t)      “SEC” means
the Securities and Exchange Commission.

            
           
        (u)      “Security
Agreement” has the meaning set forth in Section 4, as the
same may be amended, restated, supplemented or otherwise modified from time to
time and including all attachments, exhibits, appendices and schedules thereto. 

            
           
        (v)      “Stock
Purchase Agreement” has the meaning set forth in
Section 1, as the same may be amended, restated, supplemented or otherwise
modified from time to time and including all attachments, exhibits, appendices
and schedules thereto, 

            
           
        (w)      “Voidable Transfer” has
the meaning set forth in Section 9.

             
           18.      Miscellaneous.

            
           
        (a)      Notices.  Any
notice, request or other communications required or permitted hereunder shall be
given upon personal delivery or upon the seventh day following mailing by
registered airmail (or certified first class mail if both the addresser and
addressee are located in the United States), postage prepaid and addressed to
the parties as follows: 

             
           To the Company:

	 	The Ashton Technology Group, Inc.

1835 Market Street, Suite 420

Philadelphia, PA  19103

Attn: William W. Uchimoto, General Counsel

             
           with a copy to:

	 	Christopher S. Auguste, Esq.

Jenkens & Gilchrist Parker Chapin LLP

The Chrysler Building

405 Lexington Avenue

New York, NY  10174

             
           To the Holder:

	 	OptiMark Innovations Inc.

c/o OptiMark Holdings, Inc.

10 Exchange Place

24th Floor

Jersey City, NY  07302

or to such other single place as any single addressee shall designate by written notice to the other
addressees.

9

            
           
        (b)      Enforcement.  The
Company shall pay all reasonable fees and expenses, including reasonable
attorney’s fees, incurred by the Holder in the enforcement of any of
the Company’s obligations hereunder not performed when due. 

            
           
        (c)      Survival of
Agreement.  All covenants, agreements, representations and warranties made by
the Company herein shall be considered to have been relied upon by the Holder
and shall survive the making of the loan and the execution and delivery to the
Holder of this Note, regardless of any investigation made by the Holder or on
its behalf; and shall continue in full force and effect until this Note shall
terminate. 

            
           
        (d)      Binding Effect;
Several Agreement; Successors and Assigns.  This Note shall become effective
as to the Company when executed by the Company and delivered to the Holder, and
thereafter shall be binding upon the Company and the Holder and their respective
successors and permitted assigns, and shall inure to the benefit of each and
their respective successors and permitted assigns. 

            
           
        (e)      Governing Law.  This Note shall be construed in accordance with and
governed by the laws of the State of New York without regard to its conflicts of
laws principles.

            
           
        (f)      Waivers.  No
failure or delay of the Holder in exercising any power or right hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any
such right or power, or any abandonment or discontinuance of steps to enforce
such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the Holder
hereunder are cumulative and are not exclusive of any rights or remedies that
they would otherwise have. No waiver of any provisions of this Note or consent
to any departure by the Company herefrom shall in any event be effective unless
the same shall be permitted by the last sentence of this paragraph (f), and then
such waiver or consent shall be effective only in the specific instance and for
the purpose for which given. No notice to or demand on the Company in any case
shall entitle the Company to any other or further notice or demand in similar or
other circumstances. Neither this Note nor any provision hereof may be waived
except pursuant to an agreement or agreements, in writing entered into by the
Company and the Holder. 

            
           
        (g)      Severability.  In
the event any one or more of the provisions contained in this Note should be
held invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein shall not in any
way be affected or impaired thereby (it being understood that the invalidity of
a particular provision in a particular jurisdiction shall not in and of itself
affect the validity of such provision in any other jurisdiction). The parties
shall endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable
provisions. 

[signature pages follow]

             
           IN WITNESS
WHEREOF, the Company has caused this Senior Secured Convertible Promissory
Note to be executed by its officer thereunto duly authorized.

	 	COMPANY:

	 	THE ASHTON TECHNOLOGY GROUP, INC.

	 	By:	/s/  William W. Uchimoto
	 	 	
Name:  William W. Uchimoto

Title:  EVP & General Counsel 

Exhibit A

CONVERSION NOTICE

	 	(To Convert the foregoing Note, execute this form and
 supply
required information.)

To:  THE ASHTON TECHNOLOGY GROUP, INC.

             
           The
undersigned holder of the attached Senior Secured Convertible Promissory Note
(the “Note”), dated as of May 3, 2002, originally
executed by The Ashton Technology Group, Inc. (the
“Company”) in favor of OptiMark Innovations Inc.,
hereby irrevocably exercises the option to convert U.S.$___________________ of
the principal amount outstanding into the Conversion Shares in accordance with
the terms of the Note, and directs that the Certificates representing the
Conversion Shares issuable and deliverable upon such Conversion be issued and
delivered by the Company to the undersigned holder hereof, unless otherwise
directed by the undersigned holder below. Capitalized terms used in this
Conversion Notice and not otherwise defined herein shall have the respective
meanings ascribed in the Note. 

	 	Dated:	 	 	 
	 		
	 	
Name of Holder
	
	
	
	
	

	
	
	
	
	

	 	 	 	 	
Signature of Holder
	
	
	
	
	

	
	
	
	
	

	 	 	 	 	
Name to appear on Certificates

(if different from above)

Exhibit B

ASSIGNMENT FORM

	 	(To Assign the foregoing Note, execute this form and
 supply
required information.)

             
           FOR VALUE RECEIVED, an interest corresponding to the unpaid principal amount of the
foregoing Note and all rights evidenced thereby are hereby assigned to

	
(Please Print)

whose address is:
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Date:
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Holder's Signature:
                     --------------------------------------------------------
Holder's Address:
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                     --------------------------------------------------------
Signature Guraanteed:
                     --------------------------------------------------------

	NOTE:	The signature to this Assignment Form must correspond with the name as it
appears on the face of the Note, without alteration or enlargement or any change
whatever, and must be guaranteed by a bank or trust company. Officers of
corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Note.Exhibit 4.4
                                                                     -----------
                          INTERCREDITOR, SUBORDINATION
                                       AND
                              STANDSTILL AGREEMENT

         This INTERCREDITOR,  SUBORDINATION AND STANDSTILL  AGREEMENT is made as
of the 3rd day of May, 2002, by and among OptiMark Innovations Inc., f/k/a OTSH,
Inc., a Delaware corporation ("OII"), RGC International Investors, LDC, a Cayman
Islands   limited   duration   company  ("RGC"  and,   together  with  OII,  the
"Creditors"),  The Ashton  Technology Group,  Inc., a Delaware  corporation (the
"Borrower")  and  Universal  Trading   Technologies   Corporation,   a  Delaware
corporation and majority owned subsidiary of the Borrower ("UTTC" and,  together
with Borrower,  the  "Grantors").  OII, RGC, the Borrower and UTTC are sometimes
hereinafter  referred  to  individually  as a "Party"  and  collectively  as the
"Parties".

                              W I T N E S S E T H:
                              - - - - - - - - - -

         WHEREAS,  OII  is  contemporaneously  herewith  making  a  loan  in the
original  principal  amount of $2,727,273 to the Borrower  pursuant to a certain
Senior Secured  Convertible  Promissory Note dated as of even date herewith (the
"OII Note");

         WHEREAS,  RGC  is  contemporaneously  herewith  making  a  loan  in the
original principal amount of $4,751,875.66 to the Borrower pursuant to the 7.50%
Senior Secured Promissory Note dated as of even date herewith (the "RGC Note");

         WHEREAS,  the Grantors  have granted to OII a security  interest in the
Collateral (hereinafter defined),  pursuant to the terms of a certain Pledge and
Security   Agreement   dated  as  of  even  date  herewith  (the  "OII  Security
Agreement");

         WHEREAS,  the Grantors  have granted to RGC a security  interest in the
Collateral (hereinafter defined), pursuant to the terms of that certain Security
Agreement,   those  certain  Collateral  Pledge  Agreements  and  those  certain
Collateral   Assignment   Agreements,   all  dated  as  of  even  date  herewith
(collectively, the "RGC Security Agreement"); and

         WHEREAS,  OII and RGC desire to memorialize in writing their agreements
as to the  priority  of payment and  security  with  respect to the  obligations
arising  under the OII Note and the RGC Note,  respectively,  and the rights and
remedies of OII and RGC with respect to such obligations;

         NOW, THEREFORE, the Parties agree as follows:

                             ARTICLE I. DEFINITIONS

         Section  1.1.  As used  herein,  the  following  terms  shall  have the
following meanings:

           (a)  "AGREEMENT"   means  this   Intercreditor,   Subordination   and
Standstill Agreement,  dated as of the date set forth above, among the Borrower,
UTTC, OII

<PAGE>

and RGC, as amended,  restated,  supplemented  or modified from time to time and
including all exhibits and schedules hereto.

           (b)  "BORROWER"  has the  meaning  set forth in the  preamble to this
Agreement.

           (c)  "BUSINESS  DAY" means any day other than a  Saturday,  Sunday or
other day on which banks in the City of New York are required or  authorized  to
be closed.

           (d)  "COLLATERAL"  means all personal  and fixture  property of every
kind and nature  whether now existing or  hereinafter  acquired or arising,  and
wherever  located,   including  without  limitation  all  furniture,   fixtures,
equipment, raw materials,  inventory, or other goods, accounts, contract rights,
rights to the payment of money,  insurance refund claims and all other insurance
claims  and  proceeds,  tort  claims,  chattel  paper,  documents,  instruments,
securities and other investment property,  deposit accounts,  rights to proceeds
of letters of credit and all general intangibles including,  without limitation,
all tax refund  claims,  license fees, IP  Collateral,  including the IP Assets,
rights to sue and  recover for past  infringement  of  Patents,  Trademarks  and
Copyrights,   service  marks,  customer  lists,   goodwill,   and  all  licenses
(including,  without limitation,  Licenses),  permits, agreements of any kind or
nature pursuant to which the Grantor possesses, uses or has authority to possess
or use property  (whether  tangible or intangible) of others or others  possess,
use  or  have  authority  to  possess  or  use  property  (whether  tangible  or
intangible)  of the  Grantor,  and  all  recorded  data of any  kind or  nature,
regardless of the medium of recording including,  without limitation,  all books
and records, Software,  writings, plans,  specifications and schematics; and all
proceeds and products of each of the foregoing.

           (e)  "COLLATERAL  AGENT"  means RGC, for purposes of Sections 2.6 and
3.7 of this Agreement.

           (f) "COPYRIGHT LICENSE" means any written agreement, now or hereafter
in effect,  granting  any right to any third  party under any  Copyright  now or
hereafter  owned  or held by or  behalf  of any  Grantor  or which  any  Grantor
otherwise  has the right to license,  or granting any right to any Grantor under
any Copyright now or hereafter  owned by any third party,  and all rights of any
Grantor under any such agreement, including each agreement described in Schedule
3.6 hereto or to the applicable Supplement.

           (g) "COPYRIGHTS" means all of the following: (i) all copyright rights
in any work  subject to the  copyright  laws of the  United  States or any other
country,  whether as author,  assignee,  transferee or  otherwise,  and (ii) all
registrations  and  applications  for  registration of any such copyright in the
United  States  or  any  other  country,  including  registrations,  recordings,
supplemental  registrations  and pending  applications  for  registration in the
United States  Copyright  Office or any similar  offices in the United States or
any other country,  including  those  described in Schedule 3.6 hereto or to the
applicable Supplement.

           (h) "CREDIT  DOCUMENTS"  means the OII Credit  Documents  and the RGC
Credit Documents.

                                      -2-
<PAGE>

           (i) "CREDITORS" means, collectively, OII and RGC.

           (j)  "CREDIT   PROCEEDING"   means  any   dissolution,   winding  up,
liquidation, or Insolvency Proceeding, or other event resulting in Distributions
(other than Distributions in the ordinary course).

           (k)  "DECLARED  DEFAULT  NOTICE" has the meaning set forth in Section
2.4(a) of this Agreement.

           (l)  "DISTRIBUTION"  means any  payment or  distribution  of any kind
(whether  in  cash,  property,  securities  or  otherwise),  including,  without
limitation,  by exercise of set-off  rights by a Creditor,  of all or any of the
assets of the Grantors (or either Grantor) to the Creditors, other than pursuant
to the last sentence of Section 2.3.

           (m) "EVENT OF DEFAULT"  means  either a OII Event of Default or a RGC
Event of Default.

           (n) "GRANTORS" means, collectively, the Borrower and UTTC.

           (o) "INSOLVENCY  PROCEEDING"  means any arrangement,  reorganization,
adjustment, protection, relief or composition of Grantors (or either Grantor) or
its/their   debts,   whether  in  any   bankruptcy,   insolvency,   arrangement,
reorganization,   receivership,   relief  or  similar  proceedings  or  upon  an
assignment  for the benefit of creditors or any other  marshalling of the assets
and liabilities of Grantors (or either Grantor).

           (p) "IP  ASSETS"  means  all IP  Collateral  set  forth on  Exhibit A
hereto,  contributed  to the  Borrower by OII pursuant to a certain Bill of Sale
and Assignment dated as of the date hereof between OII and the Borrower, and all
additions,  improvements and accessions to, and books and records  describing or
used in connection  with,  any of the foregoing and all proceeds and products of
any of the foregoing, in whatever form received.

           (q) "IP COLLATERAL"  means all  intellectual  and similar property of
any Grantor of every kind and nature, including the IP Assets, whether now owned
or  hereinafter  acquired or arising and wherever  located,  including,  without
limitation,  inventions,  designs, Patents,  Copyrights,  Trademarks,  Licenses,
domain names, trade secrets,  confidential or proprietary technical and business
information,  know-how,  show-how  or other data or  information,  Software  and
databases and all  embodiments or fixations  thereof and related  documentation,
registrations and franchises, and all additions, improvements and accessions to,
and  books  and  records  describing  or used  in  connection  with,  any of the
foregoing  and all proceeds and  products of any of the  foregoing,  in whatever
form received.

           (r) "LICENSE" means any Copyright License, Patent License,  Trademark
License or other license or sublicense to which any Grantor is a party.

           (s)  "OBLIGATIONS"  means,  collectively,  RGC  Obligations  and  OII
Obligations.

                                      -3-
<PAGE>

           (t)  "OII"  has  the  meaning  set  forth  in the  preamble  to  this
Agreement.

           (u) "OII  CREDIT  DOCUMENTS"  means  the OII Note,  the OII  Security
Agreement, and all written instruments, agreements, and assignments by which OII
Obligations  and any security  interest or assignment for the payment thereof is
evidenced or created, in each case relating to the OII Note.

           (v) "OII EVENT OF  DEFAULT"  means an event of default  under the OII
Note.

           (w) "OII  NOTE" has the  meaning  set forth in the  recitals  to this
Agreement, as amended, restated,  supplemented or modified from time to time and
including all exhibits and schedules thereto.

           (x)  "OII   OBLIGATIONS"   means   all   indebtedness,   liabilities,
obligations,  covenants  and duties of the Borrower  and/or UTTC to OII of every
kind, nature and description, direct or indirect, absolute or contingent, due or
not due,  contractual  or  tortious,  liquidated  or  unliquidated,  arising  by
operation of law or otherwise,  now existing of hereafter arising, under the OII
Credit Documents.

           (y)  "OII  RIGHTS"  means  any  rights  or  remedies  OII may have to
accelerate the OII Obligations or other  obligations of the Borrower and/or UTTC
to OII, or any other  default  rights or remedies  with  respect to the Borrower
and/or UTTC or any assets of the Borrower and/or UTTC (whether or not arising in
connection with the OII Note),  whether under OII Credit  Documents,  at law, at
equity or otherwise.

           (z)  "OII  SECURITY  AGREEMENT"  has the  meaning  set  forth  in the
recitals to this Agreement, as amended, restated,  supplemented or modified from
time to time and including all exhibits and schedules thereto.

           (aa)  "OTHER  LOANS" has the meaning set forth in Section 4.1 of this
Agreement.

           (bb) "PARI PASSU" means  apportionment  whereby each Creditor's right
to  Distributions  shall be deemed  equal in scope and  priority  with the other
Creditor's  right  thereof  limited to a pro-rata  share  equal to the  relative
amount  of the  Obligations  owing  to  such  Creditor  as of the  date  of such
Distribution.  For example,  if the outstanding amount of the RGC Obligations is
$1,000,000,  and the  outstanding  amount of the OII  Obligations is $3,000,000,
then RGC shall receive 25% and OII shall receive 75% of Distributions  until the
Obligations of the Creditors are satisfied.

           (cc) "PARI  PASSU  OBLIGATIONS"  means  thirty  percent  (30%) of the
original  principal  amount  of the RGC Note  calculated  as of the date of this
Agreement,  or  $1,425,562.70,  plus  accrued  but  unpaid  interest  on the RGC
Obligations.

                                      -4-
<PAGE>

           (dd) "PARTY" or "Parties" have the meanings set forth in the preamble
to this Agreement.

           (ee) "PATENT LICENSE" means any written  agreement,  now or hereafter
in  effect,  granting  to any third  party  any  right to make,  use or sell any
invention on which a Patent,  now or hereafter  owned or held by or on behalf of
any  Grantor or which any  Grantor  otherwise  has the right to  license,  is in
existence,  or  granting  to any  Grantor  any  right to  make,  use or sell any
invention on which a Patent,  now or hereafter  owned by any third party,  is in
existence,  and all rights of any Grantor  under any such  agreement,  including
each agreement described in Schedule 3.6 hereto or to the applicable Supplement.

           (ff) "PATENTS" means all of the following:  (i) all letters patent of
the United States or any other country, all registrations and recordings thereof
and all  applications  for  letters  patent  of the  United  States or any other
country,  including  registrations,  recordings and pending  applications in the
United States Patent and Trademark  Office or any similar  offices in the United
States or any other country, including those described in Schedule 3.6 hereto or
to the applicable Supplement, and (ii) all reissues,  continuations,  divisions,
continuations-in-part,  renewals  or  extensions  thereof,  and  the  inventions
disclosed or claimed  therein,  including the right to make, use and/or sell the
inventions disclosed or claimed therein.

           (gg)  "RGC"  has  the  meaning  set  forth  in the  preamble  to this
Agreement.

           (hh) "RGC  CREDIT  DOCUMENTS"  means the RGC Note,  the RGC  Security
Agreement and all written instruments,  agreements, and assignments by which RGC
Obligations  and any security  interest or assignment for the payment thereof is
evidenced or created, in each case relating to the RGC Note.

           (ii) "RGC EVENT OF DEFAULT"  means an event of default  under the RGC
Credit Documents.

           (jj) "RGC NOTE" has the  meaning  set forth in the  recitals  to this
Agreement, as amended, restated,  supplemented or modified from time to time and
including all exhibits and schedules thereto.

           (kk)  "RGC   OBLIGATIONS"   means  all   indebtedness,   liabilities,
obligations,  covenants  and duties of the Borrower  and/or UTTC to RGC of every
kind, nature and description, direct or indirect, absolute or contingent, due or
not due,  contractual  or  tortious,  liquidated  or  unliquidated,  arising  by
operation of law or otherwise,  now existing of hereafter arising, under the RGC
Credit Documents.

           (ll) "RGC  RIGHTS"  means any rights or remedies RGC may from time to
time have to accelerate the RGC Obligations or other obligations of the Borrower
and/or UTTC to RGC, or any other default  rights or remedies with respect to the
Borrower  and/or UTTC or any assets of the Borrower  and/or UTTC (whether or not
arising in

                                      -5-
<PAGE>

connection with the RGC Note),  whether under RGC Credit  Documents,  at law, at
equity or otherwise.

           (mm)  "RGC  SECURITY  AGREEMENT"  has the  meaning  set  forth in the
recitals to this Agreement, as amended, restated,  supplemented or modified from
time to time and including all exhibits and schedules thereto.

           (nn) "SOFTWARE" means all "software" as defined  inss.9-102(a)(75) of
the Uniform Commercial Code.

           (oo) "STANDSTILL  PERIOD" has the meaning set forth in Section 2.4(b)
of this Agreement.

           (pp)  "SUBJECT  ASSETS"  has the  meaning set forth in Section 6.1 of
this Agreement.

           (qq)  "TRADEMARK  LICENSE"  means  any  written  agreement,   now  or
hereafter in effect,  granting to any third party any right to use any Trademark
now or  hereafter  owned or held by or on behalf of any  Grantor  or which  such
Grantor otherwise has the right to license, or granting to any Grantor any right
to use any Trademark now or hereafter  owned by any third party,  and all rights
of any Grantor under any such agreement,  including each agreement  described in
Schedule 3.6 hereto or to the applicable Supplement.

           (rr)  "TRADEMARKS"  means all of the following:  (i) all  trademarks,
service marks,  trade names,  corporate  names,  company names,  business names,
fictitious  business names,  trade styles,  trade dress,  logos, other source or
business  identifiers,  designs  and general  intangibles  of like  nature,  now
existing or hereafter  adopted or acquired,  all  registrations  and  recordings
thereof,  and all  registration and recording  applications  filed in connection
therewith,  including registrations and registration  applications in the United
States Patent and Trademark  Office or any similar  offices in the United States
or any other country,  and all extensions or renewals  thereof,  including those
described  in  Schedule  3.6 hereto or to the  applicable  Supplement,  (ii) all
goodwill  associated  therewith or  symbolized by any of the foregoing and (iii)
all other  assets,  rights and interests  that  uniquely  reflect or embody such
goodwill.

           (ss) "UNIFORM COMMERCIAL CODE" means the Uniform Commercial Code from
time to time in effect in the State of New York.

           (tt)  "UTTC"  has the  meaning  set  forth  in the  preamble  to this
Agreement.

        ARTICLE II. INTERCREDITOR RELATIONSHIP; SUBORDINATION; STANDSTILL

         Section 2.1. INTERCREDITOR  RELATIONSHIP;  SUBORDINATION.  RGC, OII and
the Grantors agree that the RGC  Obligations and the OII Obligations are subject
to the payment

                                      -6-
<PAGE>

and  security  priorities  established  by  this  Agreement,  and to the  extent
inconsistent  with such  priorities,  each of RGC and OII subordinates and makes
junior, the payment and security priorities  governing such payment and security
priorities  as set forth in the  Credit  Documents  to the extent  necessary  to
achieve the intent of this Agreement.

         Section  2.2.  PRIORITY.   Notwithstanding  anything  to  the  contrary
contained in the rules for  determining  priority  under the Uniform  Commercial
Code or any other law governing the relative  priority of security  interests of
secured creditors, the time, order or method of attachment and perfection of the
security  interests  created  by the  Credit  Documents  or the time or order of
filing or recording of financing statements or other documents filed or recorded
to perfect security interests in any Collateral of the Borrower or UTTC pursuant
to the Credit  Documents,  each of RGC and OII,  for itself and for each  future
holder of the Obligations owing to RGC and OII, respectively, agree that (i) the
security  interests created by the RGC Credit Documents shall be in all respects
and for all purposes  first,  prior,  senior and continuing  liens in and to the
Collateral, except the IP Assets, and the liens of OII in and to the Collateral,
except the IP Assets,  are and shall be fully subject and  subordinate  to RGC's
liens on the  Collateral;  (ii) subject to the succeeding  sentence  below,  the
security  interests created by the OII Credit Documents shall be in all respects
and for all purposes first,  prior, senior and continuing liens in and to the IP
Assets  and the  liens  of RGC in and to the IP  Assets  are and  shall be fully
subject and  subordinate  to OII's liens on the IP Assets;  and (iii)  except as
otherwise expressly provided in this Section 2.2, the security interests created
by the RGC  Credit  Documents  and  the OII  Credit  Documents  shall  be in all
respects and for all purposes prior,  senior and continuing  liens in and to the
Collateral  and  the  liens  of any  third  party  (i.e.,  not a  party  to this
Agreement)  in and to  the  Collateral  are  and  shall  be  fully  subject  and
subordinate to RGC's and OII's liens on the Collateral. Notwithstanding sub-part
(ii) of the preceding sentence, for so long as the Pari Passu Obligations remain
outstanding, the security interests created by the OII Credit Documents shall be
in all respects and for all purposes  Pari Passu and of equal  priority with the
security interests created by the RGC Credit Documents in and to the IP Assets.

         Section  2.3.  RESTRICTIONS  ON  PAYMENT  OF  OBLIGATIONS.   Except  in
compliance with Section 2.4 and 2.5 hereof,  from the date hereof until the last
day of the Standstill Period (hereinafter  defined), RGC and OII each agrees not
to ask,  demand,  take  or  receive  from  Borrower  and/or  UTTC,  directly  or
indirectly,  in cash or other  property  or by  setoff  or in any  other  manner
(including, without limitation, from or by way of collateral), payment of all or
any portion of the  Obligations.  Notwithstanding  the  foregoing,  prior to the
commencement of a Standstill Period  (hereinafter  defined) Borrower and/or UTTC
may (i) pay to RGC and RGC may receive from Borrower  and/or UTTC  principal and
interest  amounts  permitted under Sections 2.2 and 2.3 of the RGC Note and (ii)
pay to OII and OII may receive  from  Borrower  and/or UTTC,  principal  amounts
pursuant to Section 5 of the OII Note and payments of interest semi-annually and
on the Maturity  Date (as defined in the OII Note)  pursuant to Section 6 of the
OII Note. Payments to RGC or OII of principal or interest other than as provided
in the preceding  sentence shall be prohibited except in compliance with Section
2.4 and 2.5 hereof.

                                      -7-
<PAGE>

         Section 2.4. DEFAULT NOTICES; STANDSTILL; SHARING OF PAYMENTS.

           (a)  NOTICES.  RGC and OII,  respectively,  shall  provide each other
prompt  written  notice of any Event of Default.  In the event that, on or after
the occurrence of a RGC Event of Default, RGC desires to exercise any RGC Right,
RGC shall provide OII written notice thereof and, in the event that, on or after
the occurrence of a OII Event of Default, OII desires to exercise any OII Right,
OII shall provide RGC written  notice thereof  (either such notice,  a "Declared
Default Notice").

           (b)  STANDSTILL  PERIOD.  For a  period  commencing  on the  date any
Declared  Default Notice is furnished by either Party to the other Party and for
thirty (30) days after OII's or RGC's  receipt of the subject  Declared  Default
Notice (such period, the "Standstill  Period"),  RGC shall not have the right to
exercise  any RGC Right  with  respect  to IP Assets  and OII shall not have the
right to exercise  any OII Right with  respect to any  Collateral,  including IP
Assets,  except as  otherwise  agreed in writing  between OII and RGC.  During a
Standstill Period, (i) each of OII and RGC shall cooperate with the other Party,
(ii) RGC shall permit OII to cure any RGC Event of Default within the Standstill
Period and to the extent any  Grantor  can cure such Event of Default  and (iii)
OII shall  permit  RGC to cure any OII Event of Default  within  the  Standstill
Period and to the  extent any  Grantor  can cure such Event of  Default.  In the
event  Borrower,  RGC or OII  shall  cure  such  Event  of  Default  during  the
Standstill Period and, in the case of any cure by Borrower or OII, such Event of
Default is cured prior to the  exercise by RGC of any RGC Right with  respect to
any and all Collateral, other than IP Assets, the Creditors shall be returned to
the status quo ante and all rights under this Section shall be reinstated.

           (c)  EXERCISE  OF RIGHTS  DURING  STANDSTILL  PERIOD;  CONCLUSION  OF
STANDSTILL. Notwithstanding anything to the contrary contained herein, before or
during a Standstill  Period RGC shall be entitled to exercise any RGC Right with
respect to any and all Collateral,  other than IP Assets. At the conclusion of a
Standstill  Period,  RGC  may  exercise  any  RGC  Rights  with  respect  to all
Collateral,  including  IP Assets,  and OII may  exercise  any OII  Rights  with
respect to all Collateral,  including IP Assets,  subject however,  to the other
terms and conditions of this Agreement.

         Section 2.5. SHARING OF DISTRIBUTIONS.

           (a)  Except  as  provided  in  Section  2.3,  until  the  OII  or RGC
Obligations are paid in full, in the event OII or RGC receives any  Distribution
which otherwise would be payable or deliverable  upon or with respect to the RGC
Obligations  or  OII  Obligations,  respectively,  such  Distribution  shall  be
received and held in trust for the benefit of OII or RGC, respectively, shall be
segregated from other funds and property held by RGC or OII,  respectively,  and
shall be forthwith paid over to OII or RGC, respectively, in the same form as so
received (with any necessary endorsement) to be applied (in the case of cash) to
or held as collateral (in the case of noncash  property or  securities)  for the
payment or prepayment of the Obligations in accordance with Section 2.5(b).

                                      -8-
<PAGE>

           (b) All Distributions  received by OII or RGC with respect to the OII
Obligations and the RGC Obligations shall be applied as follows:

               (i) In the event that the  Distribution  is of  Collateral  other
than IP Assets:

                    (1) First,  Pari Passu between OII and RGC in  reimbursement
of the out-of-pocket  costs and expenses of each incurred in connection with the
enforcement of the rights and remedies of each against the Borrower  and/or UTTC
and, if applicable, OII or RGC in connection with such Distribution;

                    (2)  Second,   100%  to  RGC,   unless  and  until  the  RGC
Obligations are fully paid;

                    (3) Third, 100% to OII, unless and until the OII Obligations
are fully paid; and

                    (4) Lastly, to the Borrower and/or UTTC or such other person
or entity as shall be entitled thereto.

               (ii) In the event that the Distribution is of IP Assets:

                    (1) First,  Pari Passu between OII and RGC in  reimbursement
of the out-of-pocket  costs and expenses of each incurred in connection with the
enforcement of the rights and remedies of each against the Borrower  and/or UTTC
and, if applicable, OII or RGC in connection with such Distribution;

                    (2) Second,  Pari Passu between RGC and OII unless and until
the Pari Passu Obligations are fully paid to RGC;

                    (3) Third, 100% to OII, unless and until the OII Obligations
are fully paid;

                    (4)  Fourth,   100%  to  RGC,   unless  and  until  the  RGC
Obligations are fully paid; and

                    (5) Lastly, to the Borrower and/or UTTC or such other person
or entity as shall be entitled thereto.

           (c) Each  Creditor  shall  pay over to the  other  Creditor  the full
amount due such other  Creditor under this Section 2.5 within three (3) Business
Days after such receipt.

         Section 2.6. TURNOVER OF COLLATERAL.  If any Creditor acquires custody,
control or possession of any Collateral or any Distribution  other than pursuant
to the  terms  of this  Agreement,  such  Creditor  shall  promptly  cause  such
Collateral or the proceeds of such Distribution to be delivered to or put in the
custody, possession or control of the Collateral

                                      -9-
<PAGE>

Agent for  disposition  and  distribution  in accordance  with the provisions of
Section  2.5 of this  Agreement.  Until  such time as such  Creditor  shall have
complied  with  the  provisions  of the  immediately  preceding  sentence,  such
Creditor  shall be deemed to hold such  Collateral  and the proceeds  thereof in
trust for the Party or Parties entitled thereto under this Agreement.

         Section 2.7. RECOVERY OF PREFERENTIAL PAYMENT. Notwithstanding anything
to the  contrary  contained in this  Agreement,  RGC and OII each agree that if,
subsequent to the purported  payment in full of the  Obligations  outstanding to
RGC and OII,  respectively,  or subsequent to any purported  termination of this
Agreement by mutual  consent of the  Creditors,  any payment  received by OII or
RGC,  respectively,  from or for the account of the Grantors (or either Grantor)
with respect to the RGC  Obligations or the OII  Obligations is repaid by OII or
RGC,  respectively,  to the  Borrower or to any trustee or custodian of Grantors
(or such Grantor) because of any claim of preference, fraudulent transfer or the
like, this Agreement shall automatically be reinstated, effective as of the date
of the  purported  termination  or the  purported  payment  in  full  of the OII
Obligations or RGC Obligations,  respectively, and this Agreement shall apply to
any and all payments received by RGC and OII, respectively, on or after the date
of the purported termination or purported payment in full of the OII Obligations
and RGC Obligations, respectively.

                  ARTICLE III. COVENANTS AND FURTHER ASSURANCES

         Section  3.1.  CERTAIN  COVENANTS  OF RGC AND OII.  Each of RGC and OII
agrees that if any Credit Proceeding shall exist with respect to Borrower and/or
UTTC, it shall duly and promptly  take such action as OII or RGC,  respectively,
may request to collect the RGC Obligations or OII Obligations, respectively, for
account of OII or RGC, respectively, and to file appropriate claims or proofs of
claim in respect of such Obligations.

         Section 3.2. NO COMMENCEMENT OF ANY PROCEEDING. RGC and OII each agrees
that, prior to the expiration of the Standstill Period, it will not commence, or
join with any creditor  other than OII or RGC,  respectively,  in an  Insolvency
Proceeding.

         Section  3.3.  RIGHTS  OF  SUBROGATION.   Each  Party  agrees  that  no
Distribution  to OII or RGC,  respectively,  pursuant to the  provisions of this
Agreement  shall  entitle RGC or OII,  respectively,  to exercise  any rights of
subrogation in respect thereof until the OII  Obligations  and RGC  Obligations,
respectively, shall have been paid in full.

         Section 3.4. INSOLVENCY. This Agreement shall be applicable both before
and after the  commencement  of any Insolvency  Proceeding and all converted and
succeeding  cases in respect thereof.  The relative  rights,  as provided for in
this  Agreement,  shall continue after the  commencement of any such case on the
same  basis  as prior to the  date of the  commencement  of any such  Insolvency
Proceeding, as provided in this Agreement,  subject to any court order approving
the  financing  of or use  of  cash  collateral  by  Borrower  and/or  UTTC,  as
debtor-in-possession.

         Section 3.5. SUBORDINATION LEGEND; FURTHER ASSURANCES.

                                      -10-
<PAGE>

           (a)  RGC,  the  Borrower  and/or  UTTC  will  cause  each  instrument
evidencing the RGC Obligations to be endorsed with the following legend:

         "The rights of RGC International  Investors,  LDC hereunder are subject
to  certain  interests  of  OptiMark  Innovations  Inc.  pursuant  to a  certain
Intercreditor,  Subordination and Standstill Agreement dated May 3, 2002, by and
among RGC International  Investors,  LDC, OptiMark  Innovations Inc., The Ashton
Technology Group, Inc. and Universal Trading Technologies Corporation."

           (b)  OII,  the  Borrower  and/or  UTTC  will  cause  each  instrument
evidencing the OII Obligations to be endorsed with the following legend:

         "The  rights of  OptiMark  Innovations  Inc.  hereunder  are subject to
certain  interests  of RGC  International  Investors,  LDC pursuant to a certain
Intercreditor,  Subordination and Standstill Agreement dated May 3, 2002, by and
among RGC International  Investors,  LDC, OptiMark  Innovations Inc., The Ashton
Technology Group, Inc. and Universal Trading Technologies Corporation."

           (c) RGC,  OII, the Borrower and UTTC each will further mark its books
of account in such a manner as shall be effective  to give proper  notice of the
effect of this  Agreement and will, in the case of any  Obligation  which is not
evidenced by any  instrument,  upon OII's or RGC's request cause such Obligation
to be evidenced by an appropriate  instrument or  instruments  endorsed with the
above  legend.  RGC, OII, the Borrower and UTTC each will, at its expense and at
any  time and from  time to time,  promptly  execute  and  deliver  all  further
instruments and documents, and take all further action, that may be necessary or
desirable,  or that OII or RGC,  respectively,  may request, in order to protect
any right or interest granted or purported to be granted hereby or to enable OII
or RGC, respectively, to exercise and enforce its rights and remedies hereunder.

         Section 3.6. NO CHANGE IN OR  DISPOSITION OF RGC  OBLIGATIONS.  Neither
RGC nor OII shall:

           (a) Cancel or otherwise  discharge  any of the  Obligations  owing to
such Party  (except upon  payment in full  thereof) or  subordinate  any of such
Obligations  to any  indebtedness  of the  Borrower  and/or  UTTC  other than as
subordinated hereby;

           (b)  Release  or  terminate  any  security   interest   covering  any
Collateral;

           (c) Sell, assign, pledge, encumber or otherwise dispose of any of the
Obligations or of any document or instrument  evidencing the Obligations  unless
such sale,  assignment,  pledge,  encumbrance  or  disposition is made expressly
subject to this Agreement; or

                                      -11-
<PAGE>

           (d) Permit any change in the terms of any of the Obligations owing to
such Party or the terms of the RGC Credit  Documents with respect to RGC without
the prior written consent of OII or the OII Credit Documents with respect to OII
without the prior written consent of RGC.

         Section 3.7. AGREEMENT BY THE CREDITORS.

           (a) In accordance  with Sections 2.1 and 2.2 of this  Agreement,  OII
shall not perfect  any  security  interest in any asset of the  Borrower or UTTC
except to the extent that it has confirmed that RGC has a perfected  prior lien.
RGC shall not perfect any security interest in any asset of the Borrower or UTTC
unless and until it has  confirmed  that  contemporaneously  OII is perfecting a
security interest in such asset.

           (b)  The  Collateral  Agent  shall  take  all  actions  necessary  or
desirable to perfect the security  interest in any asset of the Borrower or UTTC
not  otherwise  perfected  by the filing of Uniform  Commercial  Code  financing
statements,  including,  without  limitation,  (i)  the  filing  of  Patent  and
Trademark  assignments with the United States Patent and Trademark Office,  (ii)
the filing of Copyright  assignments with the United States Copyright Office and
(iii) possession of instruments and certificates  evidencing investment property
(including  possession  of  instruments  and powers of transfer duly endorsed in
blank).

         Section 3.8.  AGREEMENT BY THE GRANTORS.  Each of the Borrower and UTTC
agrees that it will not make any payment of any of the Obligations,  or take any
other action, in contravention of the provisions of this Agreement.

         Section 3.9. SUPERVISION OF OBLIGATIONS. Except to the extent otherwise
expressly  provided  herein,  each  Creditor  shall be  entitled  to manage  and
supervise the  obligations of the Grantors to it in accordance  with  applicable
law and such Creditor's  practices in effect from time to time without regard to
the existence of any other Creditor.

         Section 3.10.  LIMITATION  RELATIVE TO OTHER AGREEMENTS.  Except to the
extent otherwise expressly provided herein,  nothing contained in this Agreement
is intended to impair,  as between any Creditor  and any Grantor,  the rights of
such  Creditor  and the  obligations  of such  Grantor  under (i) the OII Credit
Documents, in the case of OII and any Grantor, or (ii) the RGC Credit Documents,
in the case of RGC and any Grantor.

         Section  3.11.  OBLIGATIONS  HEREUNDER  NOT  AFFECTED.  All  rights and
interests  of OII and  RGC,  respectively,  hereunder,  and all  agreements  and
obligations  of RGC,  OII,  UTTC and the Borrower  under this  Agreement,  shall
remain in full force and effect irrespective of:

           (a) any lack of  validity  or  enforceability  of the any OII  Credit
Document or RGC Credit Documents;

           (b) any change in the time,  manner or place of payment of, or in any
other term of, all or any of the  Obligations,  or any other amendment or waiver
of or any

                                      -12-
<PAGE>

consent to  departure  from the OII  Credit  Documents  or RGC Credit  Documents
(provided that the inclusion of this  subsection in this agreement  shall not be
deemed to limit, expand or otherwise affect the terms of Section 3.6(c) hereof);

           (c) any exchange,  release or  non-perfection  of a security interest
covering any Collateral,  or any release or amendment or waiver of or consent to
departure  from any  guaranty,  for all or any of the  Obligations  (provided no
consent  thereto  in  violation   hereof  is  made  by  the  inclusion  of  this
subsection); or

           (d) any other circumstance which might otherwise constitute a defense
available to, or a discharge of, either Grantor or RGC or OII.

This Agreement shall continue to be effective or be reinstated,  as the case may
be, if at any time any payment of any of the  Obligations  is  rescinded or must
otherwise  be  returned  to  the  Borrower  and/or  UTTC  upon  the  insolvency,
bankruptcy or reorganization of Borrower and/or UTTC or otherwise, all as though
such payment had not been made.

                             ARTICLE IV. OTHER LOANS

         Section 4.1. NO OTHER LOANS EXCEPT IF SUBORDINATE.  Each of RGC and OII
represents  that it has made no other loan to the Borrower  and/or UTTC,  except
pursuant to the RGC Credit Documents and the OII Credit Documents  respectively.
If, in the future,  either Creditor elects to make any other loan other than the
OII  Obligations or the RGC  Obligations to Grantors (or either Grantor or their
respective  affiliates) (any such loan or advance of any kind being  hereinafter
referred  to  collectively  as "Other  Loans"),  all such Other  Loans  shall be
subject and  subordinate  in payment  (including  without  limitation  regularly
scheduled  payment of principal and  interest)  and security to the  Obligations
pursuant to the OII Credit  Documents and the RGC Credit  Documents and any lien
given or granted by Grantors (or either Grantor) to secure any Other Loan (other
than a purchase money security interest) shall be subject and subordinate to the
liens  given by the  Grantors to secure the  Obligations.  In  extension  of the
foregoing,  any and all payments  received by either  Creditor from the Grantors
(or either Grantor) shall be applied in the order  prescribed by this Agreement.
The  Grantors  shall not accept and neither RGC nor OII shall make  available to
the Grantors or their respective affiliates any Other Loan, unless the documents
and instruments  evidencing  such Other Loan are expressly so subordinate.  Each
Grantor  covenants  that it shall  neither make nor agree to make any payment or
other Distribution  (including without limitation  regularly scheduled principal
and interest  payments) on any Other Loan unless and until the  Obligations  are
fully and irrevocably paid. As use in the sentence, the term "Other Loans" shall
also include (i) any increase in the principal  amount of the OII Obligations or
the RGC Obligations to the extent of such increase and/or (ii) any change in the
amortization  schedule  of the  OII  Obligations  or the RGC  Obligations  which
results in any scheduled payment being greater than those required under the OII
Credit Documents or the RGC Credit Documents on the date hereof to the extent of
such payment differential, provided nothing in this paragraph shall be deemed to
limit, expand or otherwise affect the terms of Section 3.6(c) hereof.

                                      -13-
<PAGE>

                    ARTICLE V. REPRESENTATIONS AND WARRANTIES

         Section  5.1.  RGC  OBLIGATIONS.  RGC  and  each  Grantor  each  hereby
represents and warrants as follows:

           (a) The RGC  Obligations  now  outstanding  are  evidenced by the RGC
Credit Documents and true and complete copies of documents relating thereto have
been furnished to OII, have been duly  authorized by the Borrower and UTTC, have
not been amended or otherwise  modified,  and  constitute  the legal,  valid and
binding obligation of the Borrower and UTTC enforceable against the Borrower and
UTTC in accordance with its terms.  There exists no default in respect of any of
the RGC Obligations.

           (b) RGC owns the RGC Obligations  now  outstanding  free and clear of
any lien, security interest, charge or encumbrance or any rights of others.

           (c) There are no conditions  precedent to the  effectiveness  of this
Agreement that have not been satisfied or waived.

         Section  5.2.  OII  OBLIGATIONS.  OII  and  each  Grantor  each  hereby
represents and warrants as follows:

           (a) The OII  Obligations  now  outstanding  are  evidenced by the OII
Credit Documents and true and complete copies of documents relating thereto have
been furnished to RGC, have been duly  authorized by the Borrower and UTTC, have
not been amended or otherwise  modified,  and  constitute  the legal,  valid and
binding obligation of the Borrower and UTTC enforceable against the Borrower and
UTTC in accordance with its terms.  There exists no default in respect of any of
the OII Obligations.

           (b) OII owns the OII Obligations  now  outstanding  free and clear of
any lien, security interest, charge or encumbrance or any rights of others.

           (c) There are no conditions  precedent to the  effectiveness  of this
Agreement that have not been satisfied or waived.

                              ARTICLE VI. SECURITY

         Section  6.1.   ACKNOWLEDGMENT  OF  SECURITY   INTERESTS.   OII  hereby
acknowledges that to secure all of the RGC Obligations,  RGC has been granted or
will be granted,  from time to time,  a security  interest in and a general lien
upon all of the  assets  of the  Borrower  and/or  UTTC (the  "Subject  Assets")
pursuant  to the  terms of the RGC  Credit  Documents  as in  effect on the date
hereof.  OII waives the application of all provisions,  if any, contained in the
OII Credit  Documents  which would or might otherwise  prohibit  Borrower and/or
UTTC  from  entering  into  or  consummating  any  financing  documents  and the
transactions contemplated thereunder. RGC hereby acknowledges that to secure all
of the

                                      -14-
<PAGE>

OII Obligations,  OII has been granted or will be granted,  from time to time, a
security interest in and a general lien upon the Subject Assets.  RGC waives the
application of all  provisions,  if any,  contained in the RGC Credit  Documents
which would or might otherwise  prohibit Borrower and/or UTTC from entering into
or  consummating  any  financing  documents  and the  transactions  contemplated
thereunder.

         Section 6.2. NO RGC OR OII LIENS EXCEPT AS  DISCLOSED.  Notwithstanding
anything to the contrary  contained herein,  including without  limitation,  the
subordination and priority  provisions hereof, the RGC Obligations are and shall
at all times be obligations  secured only as  specifically  set forth in the RGC
Credit  Documents  and the granting of any other lien in any  collateral  by the
Borrower  and/or  UTTC or the  receipt  of any  such  grant  by RGC  shall  be a
violation of this Agreement.  Notwithstanding anything to the contrary contained
herein, including without limitation,  the subordination and priority provisions
hereof,  the OII Obligations  are and shall at all times be obligations  secured
only as specifically  set forth in the OII Credit  Documents and the granting of
any other lien in any  collateral by the Borrower  and/or UTTC or the receipt of
any such grant by OII shall be a violation of this Agreement.

                           ARTICLE VII. MISCELLANEOUS

         Section 7.1.  AMENDMENTS,  ETC. No amendment or waiver of any provision
of this Agreement nor consent to any departure by RGC or OII (or either Grantor)
therefrom  shall in any event be  effective  unless the same shall be in writing
and signed by OII and RGC,  and then such waiver or consent  shall be  effective
only in the specific  instance and for the specific  purpose for which given. No
failure on the part of RGC or OII to exercise,  and no delay in exercising,  any
right  hereunder  shall  operate  as a waiver  thereof;  nor shall any single or
partial  exercise of any right hereunder  preclude any other or further exercise
thereof or the exercise of any other right.  The  remedies  herein  provided are
cumulative and not exclusive of any remedies provided by law.

         Section 7.2. FORMALITIES.  RGC, OII and each Grantor each hereby waives
promptness, diligence, notice of acceptance and any other notice with respect to
any of the  Obligations  and this  Agreement.  RGC and OII each hereby waive any
requirement that OII and RGC, respectively,  protect,  secure, perfect or insure
any lien on any property subject thereto or exhaust any right or take any action
against  Grantors  (or  either  Grantor)  or any  other  person or entity or any
collateral.

         Section 7.3. EXPENSES. The Grantors jointly and severally agree to pay,
upon demand, to OII and RGC  respectively,  the amount of any and all reasonable
expenses,  including the reasonable fees and expenses of counsel,  which OII and
RGC,  respectively,  may incur in connection with the exercise or enforcement of
any of its rights or interests hereunder.

         Section  7.4.  NOTICES.  Unless  the  Party  to be  notified  otherwise
notifies the other Parties in writing as provided in this Section, and except as
otherwise provided in this

                                      -15-
<PAGE>

Agreement,  notices  shall be delivered in person or sent by overnight  courier,
facsimile,  ordinary mail, cable or telex addressed to such Party at its address
set forth on the signature page of this  Agreement.  Notices shall be effective:
(a) on the day on which  delivered  to such  Party in  person,  (b) on the first
Banking Day after the day on which sent to such Party by overnight courier,  and
(c) if given by mail,  48 hours  after  deposit  in the mails  with  first-class
postage prepaid, addressed as aforesaid.

         Section  7.5.  CONTINUING  AGREEMENT.  This  Agreement  is a continuing
agreement  and shall (i) remain in full force and effect  until the  Obligations
shall have been paid in full,  (ii) be binding  upon and inure to the benefit of
RGC, the Grantors,  OII and their  respective  successors  and assigns.  Without
limiting the generality of the foregoing  clause (ii), OII and RGC may assign or
otherwise transfer all or any portion of its rights or obligations under the OII
Credit  Documents  and RGC  Credit  Documents  to any other  person  or  entity;
provided that such assignee,  as a condition of such  assignment,  must agree in
writing to be bound by the provisions of this Agreement.

         Section  7.6.  INTEGRATION.   This  Agreement  sets  forth  the  entire
agreement  among the Parties hereto  relating to the matters  covered herein and
supersede any prior oral or written  statements  or  agreements  with respect to
such transactions.

         Section 7.7.  GOVERNING LAW. This  Agreement  shall be governed by, and
construed in  accordance  with,  the laws of the State of New York as applied to
agreements among New York residents entered into and to be performed entirely in
New York.

         Section  7.8. NO JOINT  VENTURE.  The  execution  and  delivery of this
Agreement  is not  intended,  nor  shall  it be  construed  to  constitute,  the
formation of a partnership or joint venture between the Creditors.

         Section 7.9. INDEPENDENT INVESTIGATION. Each Creditor represents to the
other  Creditor that is has entered into this  Agreement on the basis of its own
independent  commercial  relationship with the Grantors,  and that except as set
forth herein, the other Creditor has not made any  representations or warranties
to such Creditor and that no specific act,  actions or failure to act in any one
or more  instances by the other  Creditor,  including,  without  limitation  any
review  of  the  affairs  of   Grantors,   shall  be  deemed  to   constitute  a
representation or warranty by either Creditor.  Each Creditor  represents to the
other that it has  independently  and without  reliance upon the other Creditor,
and based on such documents and information as each has deemed appropriate, made
its  own  appraisal  of  and   investigation   into  the  financial   condition,
credit-worthiness,  affairs,  status  and  nature of  Grantors  and made its own
decision to enter into this Agreement and to make such investigation as it deems
necessary to inform itself as to the status and affairs,  financial or otherwise
of Grantors.  Neither Creditor shall be required to make any inquiry  concerning
the Grantors or any of their  obligations  to the other  Creditor under its loan
documents or any  collateral or to inspect the properties or books or records of
the Grantors.  Additionally,  if requested by either Creditor after notification
that such Creditor has not received the same from such Grantor,  either Creditor
will provide the other Creditor with such financial and other statements as

                                      -16-
<PAGE>

such Creditor  shall have received and which shall have been so requested.  Each
Creditor's  agreement  to  provide  any of the  foregoing  shall  not in any way
constitute  an  assumption  by  such  Creditor  of any  responsibility  for  the
accuracy,  completeness,  authenticity,  legality,  validity  or  enforceability
thereof.

         Section  7.10.   COUNTERPARTS.   This  Agreement  may  be  executed  in
counterparts  and each  Party  hereto  shall be  entitled  to rely on each other
Party's signature as if it were an original.

                            [Signature pages follow]

                                      -17-
<PAGE>

         IN WITNESS WHEREOF,  the parties have duly executed this Intercreditor,
Subordination  and  Standstill  Agreement  as of the day and year first  written
above.

                                THE ASHTON TECHNOLOGY GROUP, INC.

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

                                UNIVERSAL TRADING TECHNOLOGIES CORPORATION

                                By: /s/ William W. Uchimoto
                                    -------------------------------------

                                    Name: William W. Uchimoto
                                    Title: EVP & General Counsel

                                Address for Notices:

                                1835 Market Street, Suite 420
                                Philadelphia, PA  19103
                                Attention: President
                                Facsimile: (215) 789-3397

                                With a copy to:

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

<PAGE>

                                RGC INTERNATIONAL INVESTORS, LDC
                                By: Rose Glen Capital Management, L.P.
                                By: RGC General Partner Corp

                                By: /s/ Gary Kaminsky
                                    -------------------------------------
                                    Name: Gary Kaminsky
                                    Title: Managing Director

                                Address for Notices:

                                c/o Rose Glen Capital Management, L.P.
                                3 Bala Plaza East, Suite 501
                                251 St. Asaphs Road
                                Bala Cynwyd, PA  19004

                                With a copy to:

                                Barry J. Siegel, Esq.
                                Klehr, Harrison, Harvey, Branzburg & Ellers LLP
                                260 S. Broad Street
                                Philadelphia, PA  19102
                                Facsimile: (215) 568-6603

                                OPTIMARK INNOVATIONS INC.

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

                                Address for Notices:

                                c/o OptiMark Holdings, Inc.
                                10 Exchange Place, 24th Floor
                                Jersey City, NJ 07302
                                Attention: Office of the General Counsel
                                Facsimile: (208) 293-4810

<PAGE>

                                                                       Exhibit A
                                                                       ---------

                                    IP Assets
                                    ---------

PATENT APPLICATION
------------------

     1.   U.S.  Provisional Patent  Application No. 60/323,940  entitled "Volume
          Weighted  Average  Price  System And Method,"  filed on September  21,
          2001.

TRADE SECRETS, KNOW HOW, AND LICENSES
-------------------------------------

     2.   Diagrams,   presentations,   project  plans,  research,  spreadsheets,
          discussion documents,  and other documents developed  specifically for
          volume  weighted  average price  "guaranteed  price/fill"  systems and
          technology (hereinafter "VWAP Trading") including, but not limited to,
          (a) the  documents  listed  on  Attachment  1 hereto  and (b) a CD_ROM
          containing those documents.

     3.   All rights,  duties,  and  obligations  of OptiMark  Innovations  Inc.
          (f/k/a OTSH, Inc.) under that certain "License  Agreement" dated as of
          February 21, 2002 by and between OptiMark  Innovations Inc. and Marlex
          Communication  Systems, Inc. ("Marlex") for use in the implementation,
          maintenance  and/or  operation  of VWAP  trading  of  U.S.  securities
          utilizing  the  Licensed   Technology  (as  defined  in  such  License
          Agreement) and as permitted under such License Agreement.

     4.   All rights, duties, and obligations of OptiMark Innovations Inc. under
          that certain "Bilateral  Nondisclosure Agreement" dated August 7, 2001
          by and between Marlex and OptiMark,  Inc. and/or subsidiaries thereof,
          including,  but not limited to, all rights, duties, and obligations of
          OptiMark  Innovations  Inc. in and to the Proprietary  Information and
          works  derived  therefrom  pursuant  to such  Bilateral  Nondisclosure
          Agreement,  and all results  and work  product  generated  by OptiMark
          Innovations  Inc. or its  predecessor-in-interest  in connection  with
          evaluative efforts related thereto.

SOFTWARE
--------

     5.   Software specifically for VWAP Trading including,  but not limited to,
          (a) the  software  files  listed  on  Attachment  2  hereto,  entitled
          "Group1.log, and (b) a CD_ROM containing those files.

     6.   All rights,  duties,  and  obligations  of OptiMark  Innovations  Inc.
          relating  to  software  provided  by  Marlex in  connection  with that
          certain License  Agreement  and/or Bilateral  Nondisclosure  Agreement
          referenced in paragraphs 3 and 4 above, and work product  generated by
          OptiMark  Innovations Inc. or its  predecessor-in-interest  associated
          with such software, relating to a "slicing" algorithm for VWAP Trading
          including,  but not  limited  to,  (a) the  software  files  listed on
          Attachment  3  hereto,   entitled   "Group2.log,"  and  (b)  a  CD_ROM
          containing those files.

     7.   Software  specifically  for VWAP Trading for (a) tracking  bugs in the
          software  described  in  paragraphs  5 and 6 above,  and (b)  building
          source  code  into  executable  code  for the  software  described  in
          paragraphs  5 and 6 above,  including,  but not  limited  to,  (x) the
          software files listed on Attachment 4 hereto,  entitled  "Group4.log,"
          and (y) a CD_ROM containing those files.

     8.   Software  specifically  for VWAP  Trading  for  testing  the  software
          described in paragraphs 5 and 6 above, including,  but not limited to,
          (a) the  software  files  listed  on  Attachment  5  hereto,  entitled
          "Group5.log," and (b) a CD_ROM containing those files.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}]]