Document:

EXHIBIT 4.23

                              Dated 30 January 2002
                              ---------------------

                             HK WEAVER GROUP LIMITED
                                       and
                        THE ASHTON TECHNOLOGY GROUP, INC.

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                                 NOTE INSTRUMENT
           constituting HK$23,400,000.00 of convertible bond issued by
                             HK WEAVER GROUP LIMITED

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<PAGE>

                                    CONTENTS
                                    --------

CLAUSES                                                                    PAGES
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 1.       INTERPRETATION.....................................................  1
 2.       MATURITY...........................................................  3
 3.       CONDITIONS.........................................................  3
 4.       STATUS AND TRANSFER................................................  3
 5.       CONVERSION.........................................................  4
 6.       COMPULSORY CONVERSION..............................................  4
 7.       PROCEDURE FOR CONVERSION...........................................  5
 8.       NUMBER OF CONVERSION SHARES .......................................  5
 9.       REDEMPTION.........................................................  5
 10.      LOCK UP............................................................  5
 11.      EVENTS OF DEFAULT..................................................  5
 12.      REPLACEMENT NOTE...................................................  6
 13.      REPRESENTATIONS AND WARRANTIES.....................................  7
 14.      NOTICES............................................................  9
 15.      AMENDMENT..........................................................  9
 16.      APPOINTMENT OF SERVICE AGENT ......................................  9
 17.      GOVERNING LAW AND JURISDICTION .................................... 10

SCHEDULE 1     CONVERSION NOTICE............................................. 11
SCHEDULE 2     REDEMPTION NOTICE............................................. 12
SCHEDULE 3     FORM OF TRANSFER.............................................. 13
SCHEDULE 4     FORM OF NOTE CERTIFICATE ..................................... 14

<PAGE>

THIS INSTRUMENT is dated the 30th day of January 2002 PARTIES:

l.      HK WEAVER GROUP LIMITED,  a company  incorporated  in the British Virgin
        Islands whose registered  address is situated at P.O. Box 957,  Offshore
        Incorporations  Centre, Road Town, Tortola,  British Virgin Islands (the
        "Company"); and

2.      THE ASHTON TECHNOLOGY GROUP,  INC., a company  incorporated in Delaware,
        United  States of America  and having  its  principal  office at 11 Penn
        Center, 1835 Market Street,  Suite 420,  Philadelphia,  PA 19103, U.S.A.
        ("ATG").

INTRODUCTION:

(A)     The Group is principally engaged in the development, selling of software
        products  and  services to the  financial  markets in Hong Kong and Asia
        Pacific countries (the "Principal Business").

(B)     The Company and ATG had entered  into a Sale and  Purchase  Agreement on
        the even date whereas the Company agrees to purchase from and ATG agrees
        to sell their KAA Shares in to the Purchaser  for a total  consideration
        of HK$23,400,000.00 ("Agreement").

(C)     Pursuant to Clause 2 of the  Agreement,  the Company has agreed to issue
        HK$23,400,000.00  zero-coupon convertible bond on the terms provided for
        in this Note in satisfaction of the consideration payable to ATG for the
        KAA Shares.

IT IS AGREED THAT:

1.      INTERPRETATION
        --------------

1.1     In this Note,  the words and  expressions  set out below  shall have the
        meanings attributed to them below unless the context otherwise requires:

        "BUSINESS  DAY"        a day  (excluding  Saturday or Sunday) on which
                               banks in Hong Kong are open for business;

        "COMPANY"              HK Weaver Group Limited, a company incorporated
                               in the British Virgin  Islands or upon  Listing
                               a company  incorporated  in the Bermuda which is
                               tentatively   known   as  Weaver   International
                               Holdings  Limited  (subject to approval),  which
                               securities  are  to  be listed on the GEM of the
                               Stock Exchange;

        "COMPANIES"            members of the Group;

        "CONDITIONS"           the terms and conditions contained in this Note;

        "CONVERSION NOTICE"    a  conversion  notice  in  the  form attached as
                               Schedule 1;

<PAGE>

        "CONVERSION  PERIOD"   the period from the date of approval for listing
                               on the GEM  obtained from the Stock  Exchange to
                               five (5) business days before the Listing of the
                               Company's shares on the GEM;

        "CONVERSION  RIGHTS"   the rights pursuant to Clause 5 attached to each
                               Note to convert the principal amount into Shares;

        "CONVERSION  SHARES"   the Shares to be issued by the Company pursuant
                               to the Conditions, upon conversion of a Note;

        "GEM"                  the Growth Enterprise Market;

        "GEM LISTING RULES"    the rules governing the listing of securities on
                               the GEM of the Stock Exchange;

        "GROUP"                the  Company  and  its Subsidiaries from time to
                               time;

        "HK$"                  Hong Kong dollars;

        "HONG KONG"            the  Hong Kong Special  Administrative Region of
                               the People's Republic of China;

        "IPO PRICE"            The  offer/placing  price  of  the Shares at the
                               Listing of the Company on the GEM.

        "KAA SHARES"           the  47,000,000  fully-paid  ordinary  shares in
                               the  issued share  capital of Kingsway  ATG Asia
                               Limited  legally and  beneficially owned by ATG;

        "LISTING"              the listing of the Shares on the GEM of the
                               Stock Exchange;

        "MATURITY DATE"        the first anniversary from the date of this Note;

        "NOTE"                 the HK$23,400,000.00 zero-coupon convertible
                               bond issued pursuant to this Note;

        "NOTEHOLDER"           any person who is for the time being the holder
                               of the Note;

        "REDEMPTION NOTICE"    a redemption notice in the form attached in
                               Schedule 2;

        "SHARES"               the ordinary shares of US$0.10 each in the share
                               capital of the Company existing on the date of
                               this Note or upon the Listing, ordinary shares
                               of HK$0.01 each in the share capital of WIHL;

        "SHAREHOLDERS"         holders of Shares from time to time;

        "STOCK EXCHANGE"       The Stock Exchange of Hong Kong Limited;

        "SUBSIDIARY"           the  meaning  ascribed thereto under  section  2
                               of the Companies Ordinance (Chapter 32 of the
                               Laws of Hong

<PAGE>

                               Kong) and shall also be construed
                               according to such section;

        "TRANSFER FORM"        a transfer form in the form attached as Schedule
                               3;

        "WIHL"                 Weaver International Holdings Limited (tentative
                               name and subject to approval), a company to be
                               incorporated in Bermuda and to be listed on GEM.

1.2     The  expressions  "Company"  and  "Noteholder"  shall  where the context
        permits include their  respective  successors and permitted  assigns and
        any persons deriving title under them.

1.3     In this Note, unless the context requires otherwise, words importing the
        singular include the plural and vice versa and words importing gender or
        the neuter include both genders and the neuter.  References to this Note
        shall be construed as references to this Note as amended or supplemented
        from time to time. Headings are inserted for reference only and shall be
        ignored in construing this Note.

2.      MATURITY
        --------

        Subject as provided herein, the outstanding principal amount of the Note
        together  with  such  additional  amounts  as may be  payable  under the
        Conditions shall, unless previously  converted into Shares be discharged
        subject to and in accordance  with the terms of the Note on the Maturity
        Date. The Note may not be repaid or otherwise redeemed otherwise than in
        accordance with these Conditions.

3.      CONDITIONS
        ----------

3.1     This  Note  shall  be  conditional  upon  (i)  all  necessary  consents,
        authorisations  and  approvals of and all  necessary  registrations  and
        filings  with any  governmental  or  regulatory  agency or body (if any)
        required for and in connection with this Note and the performance of the
        terms  hereof have been  obtained  or made and (ii) the  approval of the
        execution of the Note by the directors of the Company.

3.2     If the  Condition  set out in Clause  3.1 has not been  fulfilled  on or
        before  March 15,  2002 (or such  later date as the  parties  hereto may
        agree) then all rights and  obligations of the parties  hereunder  shall
        cease and determine,  save and except  pursuant to this Clause,  Clauses
        12, 14 and 15 which  provisions  shall  remain in full force and effect,
        and  neither  party  shall have any claim  against  the others  save for
        claims  (if  any)  in  respect  of  such  continuing  provisions  or any
        antecedent breach hereof.

4.      STATUS AND TRANSFER
        -------------------

4.1     The  obligations  of the  Company  arising  under  the  Note  constitute
        general,  unsecured  obligations  of the Company and rank equally  among
        themselves  and pari passu with all other  present and future  unsecured
        and  unsubordinated  obligations of the Company  except for  obligations
        accorded  preference  by  mandatory  provisions  of  applicable  law. No
        application will be made for a listing of the Note.

4.2     The Note is  transferable  in whole and not in part to any  wholly-owned
        Subsidiaries  of the  Noteholder  subject to prior  notification  to the
        Company but not to any third parties.

<PAGE>

4.3     Any  assignment or transfer of the Note shall be in respect of the whole
        and not in part of the outstanding  principal  amount of the Note. Title
        to  the  Note  passes  only  upon  the   cancellation  of  the  existing
        certificate and the issue of a new certificate in accordance with Clause
        4.4.  The  Noteholder  will  (except as  otherwise  required  by law) be
        treated as the absolute  owner of the Note for all purposes  (whether or
        not  overdue and  regardless  of any notice of  ownership,  trust or any
        interest  in it or any  writing  on,  or  the  theft  or  loss  of,  the
        certificates issued in respect of them) and no person will be liable for
        so treating the Noteholder.

4.4     A Note may be  transferred by delivery to the Company of a duly executed
        Transfer  Form  together  with  the   certificate  for  the  Note  being
        transferred. The Company shall, within five (5) Business Days of receipt
        of such documents from the Noteholder, cancel the existing Note, issue a
        new  Note and  certificate  in  respect  thereof  under  the seal of the
        Company in favour of the transferee or assignee as applicable.

4.5     Any legal and other  costs and  expenses  which may be  incurred  by the
        Company in connection with any transfer or assignment of the Note or any
        request thereof shall be borne by the transferor.

5.      CONVERSION
        ----------

5.1     Subject to Clause 6, the Noteholder shall have the right, exercisable in
        the  manner  provided  in  Clause  7.1,  to  convert  the  whole  of the
        outstanding  principal  amount of the Note held by the  Noteholder  into
        such number of Shares as will be determined  in  accordance  with Clause
        8.1.

5.2     No  fraction  of a Share  shall  be  issued  on  conversion  and in lieu
        thereof.

5.3     Shares issued upon conversion shall rank pari passu in all respects with
        all other existing  Shares  outstanding  at the Conversion  Date and all
        Conversion  Shares shall include  rights to participate in all dividends
        and other  distributions  the record date of which falls on or after the
        Conversion Date.

5.4     The Note which is converted in  accordance  with these  Conditions  will
        forthwith be cancelled and may not be reissued.

5.5     For the avoidance of doubt,  no further  moneys  shall,  in respect of a
        particular  conversion  of the  Note,  be  payable  by a  Noteholder  on
        exercise of its Conversion Rights and on issue of the Conversion Shares.

6.      COMPLUSORY CONVERSION
        ---------------------

6.1     In case the Noteholder did not exercise  their  Conversion  Rights after
        the expiry of the  Conversion  Period,  the  Company  may,  in  writing,
        require  the  Noteholder  to  convert  the whole of their  Note into the
        Shares of the  Company  immediately  before the Listing of the Shares of
        the Company on the GEM.

6.2     If  the  Noteholder  fails  or  refuses  to  convert  the  whole  of the
        outstanding  principal  amount of the Note held by the  Noteholder  into
        such number of Shares as will be determined  in  accordance  with Clause
        8.1 as required  under Clause 6.1,  the Company  shall have the absolute
        right to cancel  the whole of the  outstanding  principal  amount of the
        Note  by  allotting  and  issuing  such  number  of  Shares  as  will be
        determined in accordance with Clause 8.1.

<PAGE>

7.      PROCEDURE FOR CONVERSION
        ------------------------

7.1     The Conversion  Rights  pursuant to Clause 5.1 may,  subject as provided
        herein,  be exercised on any business day falling  within the Conversion
        Period  by  the  Noteholder   ("Conversion  Date"),  together  with  the
        certificate for the Note being  converted.  The Noteholder  shall send a
        copy of the  Conversion  Notice to the Company by facsimile and dispatch
        the  original  Conversion  Notice  to  the  Company  by  courier  on the
        Conversion   Date.  Once  delivered,   a  Conversion   Notice  shall  be
        irrevocable and take effect  immediately  upon the Conversion Date. If a
        Conversion  Notice is not duly completed or is  inaccurate,  the Company
        may reject the same and any intended  conversion shall not be treated as
        taking effect until a duly completed and accurate  Conversion  Notice is
        received by the Company.

7.2     The Shares  arising on  conversion  shall be allotted  and issued by the
        Company,  credited as fully paid, to the  Noteholder or as it may direct
        within  five  (5)  Business  Days  after,  but  with  effect  from,  the
        Conversion Date and  certificates for the Shares to which the Noteholder
        shall  become  entitled  in  consequence  of such  conversion  shall  be
        available for collection from the Company's  address specified in Clause
        14.

8.      NUMBER OF CONVERSION SHARES
        ---------------------------

8.1     The number of Conversion Shares to be allotted and issued by the Company
        to the Noteholder  upon  Conversion  shall equal to the total  principal
        amount of the Note divided by the IPO Price.

9.      REDEMPTION
        ----------

9.1     If the  Shares  are not  listed on the Stock  Exchange  on or before the
        Maturity Date or any of the events specified in Clause 11.1 occurs,  the
        Noteholder shall have the right at any time thereafter to demand for the
        redemption  of the Note by  writing to the  Company  and  surrender  the
        original Note Certificate to the Company.

9.2     Upon  receipt of the demand for  redemption  pursuant to Clause 9.1, the
        Company shall return the KAA Shares to the Noteholder. The return of the
        KAA Shares to the Noteholder is a complete and absolute discharge of all
        the obligations  fall on the Company under this Note and liabilities due
        to the Noteholder.

10.     LOCKUP
        ------

10.1    Subject to the Listing  having  occurred,  upon issue of the  Conversion
        Shares by the  Company  to the  Noteholder,  the  Noteholder  agrees and
        undertakes  (the  "Lock  Up") not to sell,  dispose or create any liens,
        charges,  pledges, options,  contracts,  pre-emption rights, third party
        rights and requisite encumbrances of whatsoever nature (except for those
        which are  permitted  under the GEM  Listing  Rules)  for a period of 18
        months  from  the  date of issue of the  Conversion  Shares  unless  the
        Company and the Noteholder otherwise agree in writing.

11.     EVENTS OF DEFAULT
        -----------------

11.1    Before the Listing of the Shares on GEM,  if any of the events  ("Events
        of Default")  specified  below occurs,  the  Noteholder may exercise its
        rights pursuant to Clause 9. The relevant Events of Default are:

<PAGE>

        (a)     a  resolution  is  passed  or an order  of a court of  competent
                jurisdiction  is made that any of the  Companies  be wound up or
                dissolved  otherwise than for the purposes of or pursuant to and
                followed   by   a   consolidation,   amalgamation,   merger   or
                reconstruction;

        (b)     an encumbrancer takes possession or a receiver is appointed over
                the whole or a material part of the assets or undertaking of any
                of the  Companies  and such  possession  or  appointment  is not
                terminated  within sixty (60) days after written  request by the
                Noteholder;

        (c)     a distress, execution or seizure order before judgment is levied
                or  enforced  upon or sued out  against  the whole or a material
                part  of  the  property  of  any  of  the  Companies  and is not
                discharged within sixty (60) days thereof;

        (d)     proceedings  shall  have  been  initiated  against  any  of  the
                Companies  under any applicable  bankruptcy,  reorganisation  or
                insolvency  law  and  such  proceedings   shall  not  have  been
                discharged or stayed within a period of sixty (60) days;

        (e)     any of the Companies  defaults in  performance  or observance or
                compliance  with any of its  obligations  set out  herein  which
                default is incapable of remedy or, if capable of remedy,  is not
                remedied  within  seven (7) days  after  notice of such  default
                shall have been given to such company by such Noteholder;

        (f)     (i) any  borrowings  of the Companies  from any bank,  financial
                institution or any other party whatsoever are not paid when due,
                or as the case may be, within any applicable grace period; or

                (ii)    any of the Companies  fails to pay when due or expressed
                        to be due any amounts payable or expressed to be payable
                        by it under  any  present  or future  guarantee  for any
                        moneys   borrowed  from  or  raised  through  any  bank,
                        financial institution or any other party whatsoever;

        (g)     any of the Companies  becomes  insolvent or is unable to pay its
                debts as they  mature or applies  for or  consents to or suffers
                the appointment of any administrator,  liquidator or receiver of
                any of the  Companies or the whole or any  material  part of the
                undertaking,   property,  assets  or  revenues  of  any  of  the
                Companies;

        (h)     a   moratorium   is  agreed  or   declared  in  respect  of  any
                indebtedness  of  any  of  the  Companies  or  any  governmental
                authority or agency condemns, seizes,  compulsorily purchases or
                expropriates  all or any  material  part of the assets of any of
                the Companies;

        (i)     any event  occurs  which has an  analogous  effect to any of the
                events referred to in paragraphs (a) to (h) above.

11.2    The  Company  shall  forthwith  on  becoming  aware of any such Event of
        Default give notice in writing thereof to the Noteholder.

<PAGE>

12.     REPLACEMENT NOTE
        ----------------

12.1    If this  certificate  for the Note is lost or mutilated  the  Noteholder
        shall forthwith notify the Company and a replacement certificate for the
        Note shall be issued if the Noteholder provides the Company with:

        (a)     the mutilated certificate for the Note;

        (b)     a declaration by the Noteholder or its officer that the Note had
                been lost or  mutilated  (as the case may be) or other  evidence
                that the  certificate  for the Note had been lost or  mutilated;
                and

        (c)     an appropriate indemnity in such form and content as the Company
                may reasonably require. Any certificate for the Note replaced in
                accordance  with this Clause shall  forthwith be cancelled.  All
                reasonable administrative costs and expenses associated with the
                preparation, issue and delivery of a replacement certificate for
                the Note shall be borne by the Noteholder.

13.      REPRESENTATIONS AND WARRANTIES
         ------------------------------

13.1    The  information  relating to the  Companies  contained  in this Note is
        true,  accurate  and  complete  in  all  material  respects  and  is not
        misleading in any respect for any reason whatsoever.

13.2    The  books  and  records  of each of the  Companies  have  been  brought
        up-to-date and are in compliance  with all the  requirements of the laws
        of the country of its incorporation and in accordance with any powers or
        directions  issued  thereunder by the  authorities of the country of its
        incorporation,  and  all  returns,  particulars,  resolutions  or  other
        documents required to be delivered by it to the relevant  authorities of
        the  country  of  incorporation  have  been  duly  delivered,  filed  or
        registered in proper form and  compliance has otherwise been made in all
        materials respects with all legal and procedural  requirements and other
        formalities in connection with it, its directors, other officers and its
        employees.

13.3    All  resolutions  passed  whether by the directors or members of each of
        the Companies have been duly and  accurately  recorded in the respective
        minute books thereof and there are no resolutions  whatsoever which have
        not been so recorded.

13.4    There  has  been  no  breach  by any of the  Companies  or any of  their
        respective  officers  and  directors  (in his  capacity  as such) of any
        legislation or regulation affecting it or its business.

13.5    All title deeds relating to the assets of each of the Companies,  and an
        executed  copy of all  agreements  to which  any of the  Companies  is a
        party, and the original copies of all other documents which are owned by
        or which ought to be in the  possession  of any of the  Companies are in
        its possession.

13.6    No one is  entitled  to  receive  from  any of the  Companies  any  fee,
        brokerage  or other  commission  in  connection  with  the  transactions
        contemplated or done pursuant to this Note.

<PAGE>

13.7    Except with the sole  purpose of  obtaining  the  approval  for Listing,
        there are not pending, or in existence,  any investigations or enquiries
        by, or on behalf  of,  any  government  or other  body in respect of the
        affairs of any of the Companies.

13.8    Each of the Companies has not repaid or agreed to repay nor redeemed nor
        agreed to redeem its share  capital,  nor  capitalization  nor agreed to
        capitalize  in the form of  redeemable  equity  interests  or  shares or
        debentures, any profits or reserves of any class or description.

13.9    Each of the Companies has not entered into any mortgage, charge, pledge,
        lien  or  other  form  of  security,  equity,  encumbrance  on,  over or
        affecting the whole or any part of its  undertaking,  property or assets
        or any agreement, arrangement or commitment to give or create any of the
        foregoing except for the purpose of securing banking  facilities used by
        it negotiated on an arm's length basis and on normal commercial terms.

13.10   Having regard to existing bank and other facilities,  the Companies have
        sufficient  working  capital for the purposes of  continuing to carry on
        its/their  business(es)  in its or their  present  form and at its/their
        present  level of turnover  for a period of 12 months  after the date of
        this  Note  and  for  the  purposes  of  executing,   carrying  out  and
        fulfilling,  in accordance  with their terms,  all orders,  projects and
        contractual obligations which are binding upon each of the Companies and
        remain outstanding thereafter.

13.11   None of the  Companies  is engaged  in any  litigation,  enforcement  or
        attachment  proceedings  or  arbitration  or other legal  proceedings as
        plaintiff  of  defendant  before any court or  tribunal  in Hong Kong or
        elsewhere;  there are no proceedings  pending or threatened either by or
        against any of the Companies;  and there are no circumstances  which are
        likely  to give  rise  to any  such  litigation,  arbitration  or  other
        proceedings.

13.12   None of the Companies and their respective officers, agents or employees
        (during the course of their  duties) has  committed or omitted to do any
        act or  thing  the  commission  or  omission  of which is or could be in
        contravention of any ordinance,  act, order,  legislation,  decree, law,
        regulation  or the like in Hong  Kong or  elsewhere  giving  rise to any
        fine, penalty, default proceedings or other liability on the part of any
        of the Companies.

13.13   Each of the Companies  has obtained all necessary  licences and consents
        from any  person,  authority  or body in any part of the  world  for the
        proper carrying on of its business and all the licences and consents are
        valid  and   subsisting   and  the   Companies  are  not  aware  of  any
        circumstances  which  will lead to a  revocation  of such  licences  and
        consents.

13.14   Each of the Companies owns absolutely and had good and marketable  title
        to, all the assets (other than those disposed of in its ordinary  course
        of business).

13.15   The terms of all leases, tenancies, licenses, concessions, management or
        other agreements to which any of the Companies is a party have been duly
        complied with in all respects by all the parties thereto.

13.16   No such lease,  tenancy.  license,  concession or agreement  will become
        subject to avoidance, revocation or be otherwise affected solely upon or
        in consequence of the entering into or  implementation  of this Note, or
        any matter contemplated by this Note.

<PAGE>

13.17   The  Company  has full power to enter into and  perform  its  obligation
        under  this  Note  and  has  complied   with  all   statutory  or  other
        requirements   relative   thereto  and  has   obtained   all   necessary
        governmental or other consents and authorizations.

13.18   Each  of the  Companies  is a  company  duly  incorporated  and  validly
        existing under the laws of the place of its  incorporation and has power
        to own,  lease  and  operate  all of its  property  and to  carry on its
        business as it is now being conducted.

13.19   All issued shares in each of the Companies are duly authorized,  validly
        issued  and  fully  paid and none of such  shares  has  been  issued  in
        violation of the pre-emptive  rights or any shareholders of such company
        or the terms of any agreement by which such company or its  shareholders
        were or are bound.

14.     NOTICES
        -------

14.1    Subject to Clause 8.1,  any notice  required to be given under this Note
        shall be deemed duly served if served by hand  delivery or by  facsimile
        transmission to the addresses  provided below.  Any such notice shall be
        deemed to be served at the time when left at the address of the party to
        be served or, if served by facsimile transmission, when sent. In proving
        service it shall be  sufficient,  in the case of  service  by  facsimile
        transmission,  to prove that the  transmission  was confirmed as sent by
        the originating  machine.  To Noteholder - to its address as recorded in
        the register of Note to be  maintained  by the Company.  To the Company:
        Address: Room 501, 5th Floor,  Admiralty Tower II, Queensway,  Hong Kong
        Fax: (852) 3101 0210 Attn: Mr. Richard Yin

15.     AMENDMENT
        ---------

        The terms and  conditions  of this Note may be amended by  agreement  in
        writing between the Company and the Noteholder.  Save as may be required
        by law or regulatory  or other  authority to keep  confidential  and not
        reveal to any person,  firm or company  (other than  persons  within the
        Group who need to know and  professional  advisers) the existence or the
        terms of this Note, or the transactions contemplated under this Note.

16.     APPOINTMENT OF SERVICE AGENT
        ----------------------------

16.1    The Company  hereby  irrevocably  appoints Mr. Richard Yin (the "Company
        Agent") of Room 501, 5th Floor, Admiralty Tower II, Queensway, Hong Kong
        as its agent to receive  and  acknowledge  on its behalf  service of any
        writ, summons,  order, judgment or other notice of legal process in Hong
        Kong.  Such service shall be made to the  attention of Mr.  Richard Yin.
        The Company  agrees that any such legal  process  shall be  sufficiently
        served  on it if  delivered  to the  Company  Agent for  service  as its
        address  for the time being in Hong Kong.  In the event that the Company
        Agent  cannot  continue  to act as such  agent for the  Company  for any
        reason the Company shall  forthwith  appoint  another agent in Hong Kong
        for the same purposes and notify such  appointment

<PAGE>

        to the other parties to this  Agreement.  Until such time as the Company
        has so appointed a new agent and  notified to the other  parties to this
        Agreement  accordingly,  the other  parties to this  Agreement  shall be
        entitled to serve on the Company any writ, summons,  order,  judgment or
        other notice of legal process in Hong Kong on the  Company's  agent then
        on record.

16.2    The Noteholder hereby  irrevocably  appoints Hardy Chan (the "Noteholder
        Agent")  of  Kingsway  ATG  Asia  Ltd.  as  its  agent  to  receive  and
        acknowledge on its behalf service of any writ, summons,  order, judgment
        or other notice of legal  process in Hong Kong.  Such  service  shall be
        made to the attention of Hardy Chan. The Noteholder agrees that any such
        legal  process  shall be  sufficiently  served on it if delivered to the
        Noteholder  Agent for  service as its address for the time being in Hong
        Kong. In the event that the Noteholder  Agent cannot  continue to act as
        such  agent for the  Noteholder  for any  reason  the  Noteholder  shall
        forthwith  appoint  another agent in Hong Kong for the same purposes and
        notify such  appointment to the other parties to this  Agreement.  Until
        such time as the Noteholder has so appointed a new agent and notified to
        the other parties to this  Agreement  accordingly,  the other parties to
        this  Agreement  shall be entitled to serve on the  Noteholder any writ,
        summons,  order,  judgment or other notice of legal process in Hong Kong
        on the Noteholder's agent then on record.

17.     GOVERNING LAW AND JURISDICTION

17.1    This Note is governed by and shall be construed in accordance  with Hong
        Kong law and the  parties  submit to the  jurisdiction  of the Hong Kong
        Courts.

SIGNED, SEALED and DELIVERED by  )
                                 )
For and on behalf of             )
HK WEAVER GROUP LIMITED          )
In the presence of               )

/s/James M. Connolly                     /s/Richard Yin

SIGNED, SEALED and DELIVERED by  )
                                 )
For and on behalf of             )
THE ASHTON TECHNOLOGY GROUP, INC.)
In the presence of               )

/s/James M. Connolly                     /s/William W. Uchimoto

<PAGE>

                                   SCHEDULE 1
                                   ----------

                                CONVERSION NOTICE
                                -----------------

The undersigned hereby irrevocably requires the Company to convert all of the
Note specified below into Shares in accordance with the Conditions and the terms
below.

Principal amount of the Note:        HK$23,400,000.00

Applicable Conversion Price:
                          (to be confirmed by the Company in accordance with the
                          Conditions)

Name in which Shares to be registered:

Address of registered shareholder:

Signature of Noteholder:

Name of Noteholder:

Address of Noteholder:

Delivery Instructions:    Name:

                          Address:

Note:   The  Conversion  Date shall be any day during the term of this Note,  in
        any event before two (2) business  days of the date of Listing.

        Defined terms used in this Notice have the same meaning as given to them
        in the Instrument issued by the Company dated 30 January 2002.

<PAGE>

                                   SCHEDULE 2
                                   ----------

                                REDEMPTION NOTICE
                                -----------------

The  undersigned  hereby  irrevocably  requires the Company to redeem all of the
Note specified below in accordance with the Conditions and the terms below.

Principal amount of the Note:  HK$23,400,000.00

Principal Amount of Note to be Redeemed:  HK$23,400,000.00

---------------------------
Signature of Noteholder:
Name:
Title:

Name of Noteholder:
Address of Noteholder:

Note:   Defined terms used in this Notice have the same meaning as given to them
        in the Instrument issued by the Company dated 30 January 2002.

<PAGE>

                                   SCHEDULE 3
                                   ----------

                                FORM OF TRANSFER
                                ----------------

FOR VALUE RECEIVED the undersigned hereby transfers to

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
(PLEASE PRINT OR TYPE NAME AND ADDRESS OF TRANSFEREE)

HK$23,400,000.00  principal  amount  of  the  Note  in  respect  of  which  this
Certificate is issued, and all rights in respect thereof and irrevocably request
the  Company  to  transfer  the  aforesaid  principal  amount of the Note on the
Company's books maintained in respect thereof.

Confirmed by:

---------------------------------             ---------------------------------
Transferor's authorised signature             Transferee's authorised signature
Name:                                         Name:
Title                                         Title

Note:

1.   A representative of the Noteholder should state the capacity in which he
     signs (e.g. executor)

2.   The signature of the person effecting a transfer shall conform to any list
     of duly authorised specimen signatories supplied by the registered holder
     or be certified by a recognised bank, notary public or in such other manner
     as the Company may require.

3.   In the case of joint holders, all joint holders must sign this transfer
     form.

4.   The signatory to this transfer must correspond to the name as it appears on
     the face of the attached Note.

<PAGE>

                                   SCHEDULE 4

                            FORM OF BOND CERTIFICATE

                             HK WEAVER GROUP LIMITED
       (Incorporated in the British Virgin Islands with limited liability)

                        HK$23,400,000.00 CONVERTIBLE BOND

THIS IS TO CERTIFY that the Company will return to The Ashton  Technology Group,
Inc. of 11 Penn Center, 1835 Market Street, Suite 420,  Philadelphia,  PA 19103,
U.S.A.  being the holder (the  "Noteholder") of this Note, on the Maturity Date,
the  47,000,000  fully paid  ordinary  shares in  Kingsway  ATG Asia  Limited in
accordance  with the  Conditions  (as defined in the  instrument).  This Note is
issued with the benefit of and  subject to the  Conditions  which are binding on
the Company and the Noteholder.

GIVEN under the Seal of the Company on 30 January 2002.

----------------------------
Director

Note:  This Note cannot be transferred to bearer on delivery and is transferable
       only to the extent permitted by Condition 4 as set out in the Instrument.
       This  Note  must  be  delivered  to  the  Secretary  of the  Company  for
       cancellation  and reissue of an  appropriate  certificate in the event of
       any such transfer.EXHIBIT 10.16

                                  SUB-SUBLEASE

         THIS SUB-SUBLEASE is made and entered into as of the 14th day of March,
2002, by and between PHILADELPHIA STOCK EXCHANGE, INC., a Delaware corporation
with principal offices located at 1900 Market Street, Philadelphia, PA 19103
("Sub-Sublessor") and UNIVERSAL TRADING TECHNOLOGIES CORPORATION, a Delaware
corporation with principal offices located at 11 Penn Center, Suite 420, 1835
Market Street, Philadelphia, PA 19103 ("Sub-Subtenant").

                                    RECITALS

         This Sub-Sublease is made with reference to the following:

         A. WHEREAS, Sub-Sublessor is subleasing certain space (the "Main
Premises") in an office building located at 1900 Market Street, Philadelphia, PA
19103 (the "Building") pursuant to:

         (1) That certain Lease Agreement dated August 7, 1992, between
Institutional Property Assets ("Master Lessor"), as landlord, and Federal
National Mortgage Association ("FNMA"), as tenant (as amended from time to time,
the "Master Lease"), which is incorporated herein by reference, and;

         (2) That certain Sublease Agreement dated June 27, 2000, between FNMA
and Sub-Sublessor, as subtenant, as amended by that certain First Amendment to
Sublease dated as of March 14, 2002, between FNMA and Sub-Sublessor (as amended
from time to time, the "Sublease"), which is incorporated herein by reference.

         B. WHEREAS, Sub-Subtenant desires to sub-sublease from Sub-Sublessor
approximately one thousand six hundred seventy-five (1,675) square feet of
rentable area in Suite 701 on the seventh floor of the Building (the
"Sub-Subleased Premises"). The Sub-Subleased Premises is depicted as area A on
the floor plan attached hereto as Exhibit A.

         C. AND WHEREAS, Sub-Sublessor is agreeable to sub-subleasing the
Sub-Subleased Premises to the Sub-Subtenant upon the terms and conditions
hereinafter set forth.

         NOW, THEREFORE, in consideration of the rent and other sums herein
agreed to be paid to Sub-Sublessor and the mutual covenants and agreements
hereinafter set forth, the parties hereto agree as follows:

            1. Premises and Sub-Subtenants Proportionate Share.
               -----------------------------------------------

               (a) Sub-Sublessor hereby subleases the Sub-Subleased Premises to
Sub-Subtenant for the rent and upon the terms and conditions set forth

<PAGE>

herein. Sub-Subtenant hereby rents the Sub-Subleased Premises from Sub-Sublessor
in accordance with the terms and conditions set forth herein. This Sub-Sublease
includes the right, together with Sub-Sublessor, to use the restrooms, elevator
lobby, and common hallways located on the 7th floor within the Main Premises, or
other common areas in the Building, subject to any rules and regulations
promulgated by Master Lessor with respect to such use, but includes no other
rights not specifically set forth herein. Sub-Sublessor and Sub- Subtenant agree
that the rentable square footage of the Sub-Subleased Premises for all purposes
under this Sub-Sublease shall be deemed to be one thousand six hundred
seventy-five (1,675) square feet encompassing the area depicted as area A
attached hereto as Exhibit A.

               (b) The Commencement Date (hereinafter defined) and
Sub-Subtenant's obligations with respect to the Sub-Subleased Premises shall be
postponed to the extent Sub-Subtenant is unable to occupy the Sub-Subleased
Premises because Sub-Sublessor fails to deliver possession of the Sub-Subleased
Premises for any reason, except to the extent that Sub-Subtenant, its
contractors, agents or employees causes such failure. Any delay in the
Commencement Date shall not subject Sub-Sublessor to liability for loss or
damage resulting therefrom and Sub-Subtenant's sole recourse with respect
thereto shall be the postponement of Sub-Subtenant's obligations with respect to
the Sub-Subleased Premises.

            2. Term. The term of this Sub-Sublease (the "Term") shall be for a
period of three (3) years, two (2) months and seventeen (17) days. The term
shall commence on March 15, 2002 (the "Commencement Date") and shall expire on
May 31, 2005.

            3. Rent.
               ----

               (a) Sub-Subtenant shall pay to the Sub-Sublessor as rent (the
"Rent") for the Sub-Subleased Premises during the Term of the Sub-Sublease the
amount of $72,312.50. The forgoing sum represents rent of $18.75 per rentable
square foot per year for 1,200 square feet of the Sub-Subleased Premises during
this time period. The monthly Rent payable during this time period shall be
$1,875.00, which shall be pro rated for the partial month during which the Term
commences. Sub-Sublessor acknowledges and agrees that no rent shall be due from
Sub-Subtenant for 475 square feet of the Sub-Subleased Premises (the "eVWAP
Space") so long as such space is used only to house the components of
Sub-Subtenant's eVWAP system. If at any time during the Term any portion of the
eVWAP Space is used for any other purpose, then Sub-Subtenant shall pay Rent for
such portion at the rate of $18.75 per square foot per year for so long as such
portion is not being used to house the components of Sub-Subtenant's eVWAP
system. In such event, Sub-Subtenant shall provide written notice to
Sub-Sublessor of the number of square feet located in the eVWAP Space being used
for purposes other than to house the components of Sub-Subtenant's eVWAP system
and the Rent payment shall be adjusted accordingly.

               (b) Rent shall be divided into twelve equal monthly installments
and shall be payable by Sub-Subtenant in advance on the Commencement

                                       2
<PAGE>

Date and thereafter on the first day of the month of each calendar month of the
Term. All rent and other sums payable by Sub-Subtenant hereunder shall be paid
to Sub-Sublessor in lawful money of the United States, without any prior demand
therefor and without any deduction, abatement or setoff whatsoever, at such
place as Sub-Sublessor shall from time to time designate.

               (c) Sub-Subtenant covenants and agrees to pay Sub-Sublessor as
additional rent (i) electric energy costs as more particularly described below,
and (ii) Sub-Subtenant's Proportionate Share (as hereinafter defined) of the
Expenses in excess of the Expense Stops (as both terms are defined in the
Sublease). Sub-Subtenant acknowledges and agrees that such Expenses are based on
Master Lessor's estimate and in the event Sub-Sublessor is required to make any
payment to FNMA on account of any shortfall in such estimate (or is provided a
refund or credit for any overpayment), then Sub-Subtenant shall promptly pay
Sub-Subtenant's Proportionate Share of such shortfall (or shall be entitled to a
refund or credit of Sub-Subtenant's Proportionate Share of such overpayment) .
As used herein, "Sub-Subtenant's Proportionate Share" means 0.3675%. All such
additional rent shall be included in the term "Rent" hereunder. Sub-Subtenant
acknowledges and agrees that it shall be responsible for and pay to the
Sub-Sublessor the electric energy costs attributable and provided to the
Sub-Subleased Premises as recorded on Meter #67187929 and Meter #98050201J plus
an additional $100 per month which represents a portion of the electric energy
costs attributable to the Main Premises.

               (d) Sub-Sublessor shall forward to Sub-Subtenant all monthly
utility bills for electric costs relating to the Sub-Subleased Premises and
Sub-Subtenant shall pay such amounts to Sub-Sublessor within fifteen (15) days
after receipt.

               (e) Notwithstanding anything to the contrary contained herein,
Sub-Subtenant has a $30,000 credit against the payment of Rent and expenses,
including energy costs (the "Rent Credit"). Sub-Sublessor shall apply the Rent
Credit against the Rent and other expenses due hereunder from the Sub-Subtenant
commencing on the Commencement Date and continuing thereafter until the Rent
Credit has been exhausted. Sub-Sublessor shall use its best efforts to give no
less than ten (10) days written notice to Sub-Subtenant of the date on which the
Rent Credit will be exhausted, which notice shall also provide any amount that
will be due from Sub-Subtenant on such date in the event that the remaining Rent
Credit will not be sufficient to pay the entire Rent due on such date (the "Rent
Credit Exhaustion Notice"). Sub-Subtenant shall pay any such amount on or before
the date on which Rent is next due and shall thereafter make Rent payments in
accordance with the terms of this Sub-Sublease. Sub-Sublessor's failure to
provide the Rent Credit Exhaustion Notice shall not be deemed a waiver of any of
Sub-Sublessor's rights hereunder nor shall such failure excuse Sub-Subtenant
from its obligation to pay the Rent due hereunder in accordance with the terms
hereof.

            4. Intentionally Omitted

                                       3
<PAGE>

            5. Use.
               ---

               (a) Sub-Subtenant shall use and occupy the Sub-Subleased Premises
solely as a computer room subject to all applicable zoning, building, health and
other similar regulations and shall not use the Sub-Subleased Premises for any
other purpose without the prior written consent of Sub-Sublessor. Sub-Subtenant
shall not use or occupy the Sub-Subleased Premises in a manner which will
violate any applicable laws, orders or regulations or any federal, state, county
or municipal governments or authorities or any order or direction of any act or
thing upon the Subleased Premises which will invalidate or be in conflict with
any of Master Lessor's fire insurance policies covering the Building or which
would violate any regulation, requirement or directive of the Board of Fire
Underwriters, or any similar body, nor shall it do any act or thing upon the
Sub-Subleased Premises or in the Building which would or might subject Master
Lessor to any liability or responsibility for injury to any person or persons or
to property by reason of any business or operation being carried on by
Sub-Subtenant in the Sub-Subleased Premises or for any other reason. If by
reason of Sub-Subtenant's failure to comply with the provisions of this
paragraph, the fire insurance rate for Master Lessor's policies at the beginning
of the Term of this Sublease or any time thereafter is higher than it otherwise
would be, then Sub-Subtenant shall reimburse Sub-Sublessor as additional rent
hereunder, for that part of all such fire insurance premiums thereafter required
to be paid by Sub-Sublessor to Master Lessor under the Master Lease on account
of such failure to comply.

               (b) Sub-Subtenant shall not use the Sub-Subleased Premises, or
permit the Sub-Subleased Premises to be used, in any manner that is
impermissible under the Master Lease, that constitutes a public or private
nuisance or that interferes with the lawful use of the Building by Master
Lessor, Sub-Sublessor or any other tenant of the Building. Subtenant shall
observe and comply with Master Lessor's Rules and Regulations attached to the
Master Lease and such other rules and regulations as may be established by
Master Lessor pursuant to the Master Lease.

            6. Improvements.
               ------------

               (a) Sub-Subtenant agrees to accept the Sub-Subleased Premises in
its current "as is" condition, Sub-Sublessor having no obligation to make any
improvements to the Subleased Premises of any kind whatsoever. Sub-Subtenant
shall, at its own cost and expense, (i) separate its computer room cables, and
(ii) provide to Sub-Sublessor an existing dedicated communications rack as
agreed by the parties in the Sub-Subleased Premises for Sub-Sublessor's data and
voice requirements. Occupancy of the Sub-Subleased Premises by Sub-Subtenant
shall constitute acceptance and approval by Sub-Subtenant of the condition of
the Sub-Subleased Premises.

               (b) Sub-Subtenant shall not make or install any additions,
renovations, alterations, improvements or changes in or to the Sub-Subleased
Premises, including the walls, floors, ceilings and fixtures located therein
(collectively, "Improvements"), without first obtaining the prior written
approval of Sub-Sublessor, which approval shall not unreasonably be withheld but
which may be conditioned upon the satisfaction of any reasonable conditions or
restrictions that Sub-Sublessor deems appropriate, including without limitation,
obtaining the prior approval of Master Lessor

                                       4
<PAGE>

and/or FNMA, if, to the extent and in the manner required pursuant to the Master
Lease and/or the Sublease. All Improvements made to the Sub-Subleased Premises
shall remain upon and be surrendered with the Sub-Subleased Premises at the end
of the Term in good order and repair except for ordinary wear and tear and
repairs made necessary by fire or other casualty. Any work done by or for
Sub-Subtenant with respect to the Sub-Subleased Premises shall be at
Sub-Subtenant's sole cost and expense.

            7. Repairs and Maintenance. Throughout the Term, Sub-Subtenant
shall, at its sole cost and expense, keep and maintain the Sub-Subleased
Premises, every part thereof and all property located therein in neat and
orderly condition and shall promptly make all repairs thereto which are made
necessary as a result of any misuse or neglect by Sub-Subtenant, its agents,
employees, contractors, workmen, or invitees, excepting any repairs made
necessary by fire or other casualty and ordinary wear and tear. Sub-Sublessor
shall have the right to make any repairs to the Subleased Premises which
Sub-Subtenant does not make within ten (10) days after receipt of written notice
from Master Lessor or Sub-Sublessor of the need for such repairs (except in the
event of emergencies, in which event Sub-Sublessor shall have the right to make
such repairs without prior notice), and Sub-Subtenant shall within five (5) days
reimburse Sub-Sublessor for all actual costs and expenses incurred in connection
with such repairs. Upon the expiration or termination of this Sub-Sublease,
Sub-Subtenant shall surrender the Sub-Subleased Premises broom clean, free of
Sub-Subtenant's personal property and in good order and repair except for
ordinary wear and tear and damage caused by fire or other casualty.

            8. Insurance. Throughout the Term, Sub-Subtenant shall obtain and
maintain, with a company or companies licensed to do business in the
Commonwealth of Pennsylvania and approved by Sub-Sublessor, a broad form
comprehensive general liability insurance policy against bodily and personal
injury or death and property damage in or upon the Sub-Subleased Premises or the
Building with minimum coverage amounts as reasonably required by Sub-Sublessor
from time to time. On or before the Commencement Date, Sub-Subtenant shall
obtain such insurance with a comprehensive single limit of not less than Three
Million Dollars ($3,000,000). In addition, Sub-Subtenant shall obtain and
maintain fire and extended coverage insurance with a company or companies
approved by Sub-Sublessor covering Sub-Sublessor's Personalty (hereinafter
defined) all of Sub-Subtenant's personal property and all improvements in the
Sub-Subleased Premises at full replacement value. Each policy required to be
maintained by Sub-Subtenant hereunder shall name Master Lessor, FNMA and
Sub-Sublessor as additional insureds thereunder and shall contain an endorsement
prohibiting cancellation or a material change in coverage as it pertains to the
Sub-Subleased Premises without first giving Sub-Sublessor at least thirty (30)
days' prior written notice. Certificates evidencing such insurance shall be
delivered to Sub-Sublessor on or before the Commencement Date and thereafter at
least forty-five (45) days prior to such policy expiration date.

            9. Waiver and Indemnification. Sub-Subtenant hereby waives all
rights of recovery against Master Lessor, FNMA, Sub-Sublessor and their
officers, agents and employees for any loss or damage to any property of or
injury to Sub-Subtenant or its

                                       5
<PAGE>

officers, employees, agents, guests, or invitees which occurs in or arises out
of the use, condition or occupancy of the Sub-Subleased Premises or any other
part of the Building or which results from the action or inaction of Master
Lessor, FNMA, Sub-Sublessor or their agents or employees, except to the extent
such loss, damage or injury is the result of the negligence or willful
misconduct of Master Lessor, FNMA, Sub-Sublessor or any of their respective
officers, employees or agents. In addition, Sub-Subtenant hereby waives all
rights of recovery against Sub-Sublessor and its officers and employees to the
extent of any insurance either maintained or required to be maintained by
Sub-Subtenant pursuant to this Sub-Sublease, whichever is greater. Furthermore,
Sub-Subtenant agrees to indemnify and hold Sublessor and its officers harmless
from and against any and all losses, damages, liabilities, actions, claims,
costs and expenses, including court costs and reasonable attorneys' fees,
arising out of or relating to: (i) Sub-Subtenant's use or occupancy of the
Sub-Subleased Premises, or use of any other portion of the Building; (ii) any
act or omission by Sub-Subtenant or any of its officers, employees, agents,
guests or invitees; (iii) the making or installation of Improvements in or to
the Sub-Subleased Premises by or at the direction of Sub-Subtenant; or (iv) any
failure by Sub-Subtenant to observe or perform any of the covenants or
obligations required of Sub-Subtenant under this Sublease, including, without
limitation, Sub-Subtenant's obligations to comply with the requirements of the
Master Lease and the Sublease as set forth in Paragraph 12 hereof unless such
failure to comply is the result of the willful or grossly negligent actions of
Sub-Sublessor or Sub-Sublessor's officers, agents, employees, contractors,
guests or invitees. Sub-Subtenant's obligations under this Paragraph 9 shall
survive the expiration or termination of this Sub-Sublease.

            10. Building Services. Master Lessor has agreed to furnish certain
utilities and services to FNMA, as set forth in Section 14 of the Master Lease,
which in turn shall be provided by FNMA to Sub-Sublessor by the Sublease, and by
the Sub-Sublessor to the Sub-Subtenant under this Sub-Sublease. Sub-Sublessor
agrees that, to the extent any utilities and services are furnished to the
Sub-Subleased Premises, Sub-Subtenant shall be entitled to the use and benefit
of such utilities and services without any additional charge to Sub-Subtenant,
except as set forth in Section 3(c) hereof; however, Sub-Sublessor shall not
have any liability or responsibility to Sub-Subtenant for the quality or
quantity of such utilities and services, for any interruption, failure or
disruption in the provision of such utilities and services or for any other
action or omission of Master Lessor or FNMA unless such interruption, failure or
disruption of utilities is the result of the willful or grossly negligent
actions of Sub-Sublessor or Sub-Sublessor's officers, agents, employees,
contractors, guests or invitees. In the event that Master Lessor fails-to
furnish such utilities and services to the Sub-Subleased Premises in accordance
with the Master Lease, Sub-Sublessor agrees that it will use its reasonable
efforts through FNMA to cause the Master Lessor to do so.

            11. Sale of Personal Property. Concurrent with the execution of this
Sub-Sublease, Sub-Subtenant, in consideration of $20,000 and the Rent Credit,
shall sell, convey, assign and transfer to Sub-Sublessor, all of those items of
personal property, including but not limited to office furniture, cubicles,
chairs, desks, conference room furniture and kitchen furniture, listed on
Exhibit B attached hereto (the "Personal Property"). Sub-Subtenant shall execute
and deliver a bill of sale conveying the Personal

                                       6
<PAGE>

Property to Sub-Sublessor in the form attached hereto as Exhibit C.
Sub-Subtenant represents and warrants that it has good and marketable title to
the Personal Property, free of any liens or claims of third parties, and
Sub-Subtenant has the authority to sell the Personal Property to Sub-Sublessor.

            12. Master Lease and Sublease.
                -------------------------

               (a) This Sub-Sublease is conditioned upon (i) the consent of FNMA
and shall not be effective until such consent is obtained as evidenced by the
execution by FNMA of the consent attached hereto, and (ii) the receipt by
Sub-Sublessor and Sub-Subtenant of a copy of the letter from Master Lessor to
FNMA consenting to the Sublease and shall not be effective until Sub-Sublessor's
and Sub-Subtenant's receipt of same.

               (b) Sub-Subtenant acknowledges that the rights it is hereby
acquiring in and to the Sub-Subleased Premises are derived from the Master Lease
and the Sublease and that the rights, terms and conditions of this Sub-Sublease
are in all respects subordinate to the Master Lease and the Sublease.
Sub-Subtenant agrees to be bound by the terms of the Master Lease and the
Sublease, and to perform with respect to the Sub-Subleased Premises each and
every obligation of Sub-Sublessor pursuant to the Master Lease and the Sublease,
(other than the obligation to pay Rent which shall be determined solely by
reference to this Sub-Sublease) as if each such term, condition, covenant and
obligation were set forth in full in this Sub-Sublease. In the event of any
conflict between the Master Lease, Sublease and this Sub-Sublease, the terms of
this Sub-Sublease shall govern the relationship between Sub-Sublessor and
Sub-Subtenant. Notwithstanding anything to the contrary herein, it is further
agreed that, (i) in the event the Master Lease terminates for any reason, this
Sub-Sublease and all rights of Sub-Subtenant in and to the Sub-Subleased
Premises shall automatically terminate on the date the Master Lease terminates,
and Sub-Sublessor shall not have any liability to Sub-Subtenant whatsoever as a
result of such termination, and (ii) in the event the Sublease terminates for
any reason (but the Master Lease stays in effect), this Sub-Sublease and all
rights of Sub-Subtenant in and to the Sub-Subleased Premises shall be governed
by Section 11 of the Sublease, and Sub-Sublessor shall not have any liability to
Sub-Subtenant whatsoever as a result of any termination or assignment of this
Sub-Sublease.

               (c) Notwithstanding anything to the contrary herein or in the
Master Lease or Sublease, Sub-Sublessor shall have no obligation to perform any
of the terms, covenants and conditions contained in the Master Lease to be
performed by the Master Lessor or in the Sublease to be performed by FNMA.
Without limiting the foregoing, Sub-Sublessor shall have no obligation to
provide any or all of the services, utilities, insurance, work, alterations,
repairs or maintenance to be provided by the Master Lessor under the Master
Lease, and Sub-Sublessor shall in no way be liable to Sub-Subtenant for any
failure of the Master Lessor to provide such services, utilities, insurance,
work, alterations, repairs or maintenance unless such failure is the result of
the willful or grossly negligent actions of Sub-Sublessor or Sub-Sublessor's
officers, agents, employees, contractors, guests or invitees.

                                       7
<PAGE>

               (d) Sub-Sublessor shall provide a copy of any notice of default
received by Sub-Sublessor from FNMA under the Sublease within two (2) business
days of Sub-Sublessor's receipt of any such notice.

            13. Successors and Assigns. Subject to the restrictions on
assignment and subletting by Sub-Subtenant, this Sub-Sublease shall be binding
upon and shall inure to the benefit of the parties hereto and their successors,
assigns and legal representatives.

            14. Default.
                -------

               (a) The following events shall each constitute a default by
Sub-Subtenant hereunder:

                  (i) Sub-Subtenant's failure to pay, when due, any Rent or
other payment required to be paid by Sub-Subtenant hereunder, including electric
utility costs set forth in Paragraph 3 herein.

                  (ii) Sub-Subtenant's failure to observe or perform any
covenant, obligation or condition required to be observed or performed by
Sub-Subtenant hereunder, which is not also a violation of any term, condition,
covenant or obligation of Sub-Sublessor under the Master Lease or the Sublease,
if such failure continues for fifteen (15) days after receipt of written notice
thereof from Sub-Sublessor to Sub-Subtenant unless such default cannot be cured
within such fifteen (15) day period, in which case Sub-Subtenant shall be
entitled to a reasonable time to cure such default provided that Sub-Subtenant
promptly commences to cure such default within such fifteen (15) day period and
proceeds diligently thereafter to complete such cure;

                  (iii) Sub-Subtenant's failure to observe or perform any
covenant, obligation or condition required to be observed or performed by
Sub-Subtenant hereunder, which is also a violation of any term, condition,
covenant or obligation of Sub-Sublessor under the Master Lease or the Sublease,
if such failure continues for five (5) days after receipt of written notice
thereof from Sub-Sublessor to Sub-Subtenant (provided, however, that
Sub-Sublessor may at any time elect to cure such failure); or

                  (iv) if Sub-Subtenant, or any subsidiary, parent or affiliate
of Sub-Subtenant makes an assignment for the benefit of creditors, or if a
receiver shall be appointed for any such parties, or if any of such parties is
the subject of a bankruptcy, reorganization or insolvency proceeding
(voluntarily or involuntarily) and, in the case of an involuntary proceeding
under the Federal Bankruptcy Code, if such proceeding shall not be dismissed
within thirty (30) days after the commencement thereof.

               (b) In the event of any default by Sub-Subtenant and in the event
of a failure by Sub-Subtenant under Paragraph 14 (a)(iii)), Sub-Sublessor shall
have all of the rights and remedies set forth in Sections 21 and 22 of the
Master Lease with respect to a default by "Tenant" thereunder, in addition to
all other rights and remedies available to Sub-Sublessor at law and in equity.
In the event that Sub-Subtenant fails to observe or perform any covenant,
obligation or condition required to be observed

                                       8
<PAGE>

or performed by Sub-Subtenant, subject to any applicable grace period (except
that Sub-Sublessor may elect to take action prior to the grace period applicable
to a failure under Paragraph 14 (a)(iii)), Sub-Sublessor may cure such failure
and by written notice to Sub-Subtenant, charge to Sub-Subtenant all actual costs
and expenses (including but not limited to, reasonable attorneys' fees) incurred
in curing such failure of Sub-Subtenant as additional rent hereunder. Such
additional rent, if not paid on the date specified in Sublessor's notice to
Subtenant, shall be subject to the late charge, and with such late charge shall
bear interest until paid, as provided in Paragraph 14(c) hereof. Sub-Sublessor
and Sub-Subtenant agree that Sub-Sublessor shall have the right to injunctive or
other equitable relief in the event of a breach or threatened breach by
Sub-Subtenant of any of the agreements, conditions, covenants or terms hereof,
including but not limited to, Paragraph 12 hereof. All rights and remedies of
Sub-Sublessor shall be cumulative, and the exercise of any one or more of such
rights or remedies shall not impair Sub-Sublessor's right to exercise any other
right or remedy, either concurrently or at any later time.

               (c) If Sub-Subtenant fails to make any payment hereunder on or
before the date such payment is due and payable (without regard to any grace
periods specified herein), Sub-Subtenant shall pay to Sub-Sublessor, as
additional rent hereunder, a late charge equal to five percent (5%) of the
amount of such late payment. In addition, such payment shall bear interest at an
interest rate equal to two (2) whole percentage points above the prime rate
published from time to time in the Money Rates Section of the Wall Street
Journal from the date such payment or late charge, respectively, became due
through the date of payment thereof by Sub-Subtenant; provided, however, that
nothing contained herein shall be construed as permitting Sub-Sublessor to
charge or receive interest in excess of the maximum rate then allowed by law.

               (d) UPON THE OCCURRENCE OF ANY DEFAULT, SUB-SUBTENANT HEREBY
EMPOWERS ANY PROTHONOTARY OR ATTORNEY OF ANY COURT OF RECORD TO APPEAR FOR
SUB-SUBTENANT IN ANY AND ALL ACTIONS WHICH MAY BE BROUGHT FOR RENT, ADDITIONAL
RENT, OR OTHER CHANGES OR EXPENSES AGREED TO BE PAID BY SUB-SUBTENANT HEREUNDER
AND TO SIGN FOR SUB-SUBTENANT AN AGREEMENT FOR ENTERING INTO ANY COMPETENT COURT
AN ACTION OR ACTIONS FOR THE RECOVERY OF RENT, ADDITIONAL RENT OR OTHER CHARGES
OR EXPENSES AND, IN SAID SUITS OR IN SAID ACTION OR ACTIONS TO CONFESS JUDGMENT
AGAINST SUB-SUBTENANT FOR ALL OR ANY PART OF SUCH RENT, ADDITIONAL RENT,
INCLUDING, AT SUB-SUBLESSOR'S OPTION, THE RENT FOR THE LESSER OF ONE YEAR OR THE
ENTIRE UNEXPIRED BALANCE OF THE TERM OF THIS SUB-SUBLEASE, AND ANY OTHER
CHARGES, PAYMENTS, COSTS AND EXPENSES RESERVED AS

                                       9
<PAGE>

RENT OR AGREED TO BE PAID BY SUB-SUBTENANT DURING SUCH PERIOD, AND FOR INTEREST
AND COSTS TOGETHER WITH AN ATTORNEY'S COMMISSION OF FIVE PERCENT (5%) THEREOF.
SAID AUTHORITY SHALL NOT BE EXHAUSTED BY ANY ONE EXERCISE THEREOF, BUT JUDGMENT
MAY BE CONFESSED AS AFORESAID FROM TIME TO TIME AND AS OFTEN AS ANY OF SAID
RENT, ADDITIONAL RENT OR OTHER CHARGES RESERVED AS RENT SHALL FALL DUE OR BE IN
ARREARS AND SUCH POWERS MAY BE EXERCISED AS WELL AFTER THE EXPIRATION OF THE
ORIGINAL TERM. IN ANY AMICABLE ACTION FOR RENT OR CHARGES HEREUNDER,
SUB-SUBLESSOR SHALL CAUSE TO BE FILED IN SUCH ACTION AN AFFIDAVIT SETTING FORTH
THE FACTS NECESSARY TO AUTHORIZE THE ENTRY OF JUDGMENT AND IF A TRUE COPY OF
THIS SUB-SUBLEASE (AND OF THE TRUTH OF THE COPY SUCH AFFIDAVIT SHALL BE
SUFFICIENT PROOF) BE FILED IN SUCH ACTION, IT SHALL NOT BE NECESSARY TO FILE THE
ORIGINAL AS A WARRANT OF ATTORNEY, ANY LAW, RULE OF COURT, CUSTOM OR PRACTICE TO
THE CONTRARY NOTWITHSTANDING.

               (e) IF SUB-SUBLESSOR SHALL EXERCISE ITS RIGHT TO TERMINATE THIS
SUB-SUBLEASE DUE TO A DEFAULT BY SUB-SUBTENANT, AND ALSO WHEN AND AS SOON AS THE
TERM SHALL HAVE EXPIRED, IT SHALL BE LAWFUL FOR ANY ATTORNEY AS ATTORNEY FOR THE
SUB-SUBTENANT TO FILE AN AGREEMENT FOR ENTERING IN ANY COMPETENT COURT AN ACTION
AND JUDGMENT IN EJECTION AGAINST SUB-SUBTENANT AND ALL PERSONS OR ENTITIES
CLAIMING UNDER SUB-SUBTENANT FOR THE RECOVERY BY SUB-SUBLESSOR OF POSSESSION OF
THE SUB-SUBLEASED PREMISES, FOR WHICH THIS SUB-SUBLEASE SHALL BE SUFFICIENT
WARRANT; WHEREUPON, IF SUB-SUBLESSOR SO DESIRES, A WRIT OF POSSESSION MAY ISSUE
FORTHWITH, WITHOUT ANY PRIOR WRIT OR PROCEEDING WHATSOEVER, AND PROVIDED THAT,
IF FOR ANY REASON AFTER SUCH ACTION SHALL HAVE BEEN COMMENCED THE SAME SHALL BE
DETERMINED AND THE POSSESSION OF THE SUB-SUBLEASED PREMISES SHALL REMAIN IN OR
BE RESTORED TO SUB-SUBTENANT, SUB-SUBLESSOR SHALL HAVE THE RIGHT, UPON ANY
SUBSEQUENT DEFAULT OR UPON THE TERMINATION OR EXPIRATION OF THIS SUB-SUBLEASE,
TO BRING ONE (1) OR MORE ACTION OR ACTIONS TO RECOVER POSSESSION OF THE
SUB-SUBLEASED PREMISES. IN ANY AMICABLE ACTION OF EJECTMENT, SUB-SUBLESSOR SHALL
CAUSE TO BE FILED IN SUCH ACTION AN AFFIDAVIT MADE BY IT OR SOMEONE ACTING FOR
IT SETTING FORTH THE FACTS NECESSARY TO AUTHORIZE THE ENTRY OF JUDGMENT, AND, IF
A TRUE COPY OF THIS SUB-SUBLEASE (AND OF THE TRUTH OF THE COPY SUCH AFFIDAVIT
SHALL BE SUFFICIENT EVIDENCE) BE FILED IN SUCH ACTION, IT SHALL NOT BE NECESSARY
TO FILE THE ORIGINAL AS A WARRANT OF ATTORNEY, ANY RULE OF COURT, CUSTOM OR
PRACTICE TO THE CONTRARY NOTWITHSTANDING.

               (f) Sub-Subtenant releases to Sub-Sublessor, and to any and all
attorneys who may appear for Sub-Subtenant, all errors in any proceedings taken
by Sub-Sublessor, whether by virtue of the powers of attorney contained in this
Sub-Sublease or not, and all liability therefor. Sub-Subtenant expressly waives
the benefits of all laws, now or thereafter in force, exempting any property
within the Sub-Subleased Premises or elsewhere from distraint, levy or sale.
Sub-Subtenant further waives the right to any notice to remove as may be
specified in the Landlord and Tenant Act of Pennsylvania, Act of April 6, 1951,
as amended, or any similar or successor provision of law, and

                                       10
<PAGE>

agrees except as otherwise provided herein that five (5) days notice shall be
sufficient in any case where a longer period may be statutorily specified.

               (g) In the event the Sub-Sublessor institutes legal action to
enforce its remedies and obtains a final judgment under this Paragraph 14,
Sub-Subtenant shall be required to pay as additional rent, all costs of such
action together with all reasonable attorney fees.

            15. Access. In addition to Master Lessor's rights of access pursuant
to the Master Lease, at all times during the Term, FNMA and its officers,
employees and representatives and Sub-Sublessor and its officers, employees and
representatives shall have the right, upon reasonable notice and only if
accompanied by a representative of Sub-Subtenant, to enter the Sub-Subleased
Premises for the purposes of inspecting or making repairs, alterations or
additions to the Sub-Subleased Premises, including the communications rack
dedicated to Sub-Sublessor described in Section 6(a)(ii) hereof.

            16. Fire and Casualty.
                -----------------

               (a) Sub-Subtenant shall promptly notify Sub-Sublessor if the
Sub-Subleased Premises are damaged by fire or other casualty.

               (b) If the Master Lease is terminated by Sub-Sublessor, Sublessor
or Master Lessor pursuant to Section 22 of the Master Lease as a result of a
fire or other casualty, this Sub-Sublease shall terminate as of the date that
the Master Lease terminates.

               (c) If the Master Lease is not terminated by Sub-Sublessor,
Sublessor or Master Lessor as a result of fire or casualty, the rights of
Sub-Sublessor shall be determined in accordance with this Subparagraph 16(c) and
Subparagraphs 16(d) and 16(e). If the Sub-Subleased Premises are damaged by fire
or other casualty not occurring through the negligence or willful misconduct of
Sub-Subtenant, Sub-Sublessor shall through FNMA seek to have such damage
repaired by Master Lessor in accordance with the Master Lease. If the Master
Lessor fails to repair such damage (unless such damage occurs through the
negligence or willful misconduct of Sub-Subtenant in which event subparagraph
16(e) shall govern) within a reasonable time after receiving notice of the
damage and in any event, not later than such length of time as would be required
with the exercise of due diligence and dispatch, Sub-Subtenant, as its exclusive
remedy for such failure shall have the right to terminate this Sub-Sublease
after thirty days notice to Sub-Sublessor.

               (d) If the Sub-Subleased Premises are so damaged by fire or other
casualty that they cannot reasonably be used by Sub-Subtenant or if damage
occurs to other parts of the Building which renders the Sub-Subleased Premises
not reasonably usable by Sub-Subtenant for Sub-Subtenant's business purposes,
and if as a result of such damage the Master Lease or Sublease is terminated
and/or Sub-Sublessor's obligation to pay

                                       11
<PAGE>

rent under the Sublease is abated with respect to all or a portion of the
Sub-Subleased Premises, this Sub-Sublease shall be terminated and/or
Sub-Subtenant's obligation to pay rent under the Sub-Sublease shall likewise be
abated with respect to the corresponding portion of the Sub-Subleased Premises
until such time as Sub-Sublessor's obligation to pay rent is reinstated under
the Sublease.

               (e) In the event of any damage to or destruction of the
Sub-Subleased Premises which is caused by the negligence or willful misconduct
of Sub-Subtenant or any of its officers, employees, guests or invitees, whether
or not the Sub-Subleased Premises are thereby rendered untenantable, this
Sub-Sublease shall continue in full force and effect, Rent and other sums
payable hereunder shall not be abated or reduced and Sub-Subtenant shall be
liable for all costs and expenses of repairing such damage or destruction and
restoring the Sub-Subleased Premises to their condition on the Commencement
Date, reasonable wear and tear excepted.

            17. Condemnation.
                ------------

               (a) If the Master Lease is terminated by Sub-Sublessor, Subleasor
or Master Lessor pursuant to Section 23 of the Master Lease as a result of a
taking or condemnation under the power of eminent domain, this Sublease shall
terminate as of the date that the Master Lease terminates.

               (b) If the Master Lease is not terminated by Master Lessor,
Sublessor or Sub-Sublessor pursuant to Section 23 and a taking or condemnation
under the power of eminent domain has occurred, Subtenant's rights shall be
determined in accordance with this Subparagraph 17 (b) and Subparagraph 17(c).
If the whole or any substantial part of the Subleased Premises shall be taken or
condemned under the power of eminent domain, then this Sublease shall terminate
as of the date possession thereof is taken by the condemning authority and all
rent payable hereunder shall be apportioned as of such date. If less than a
substantial part of the Subleased Premises is taken or condemned under the power
of eminent domain, then this Sublease shall continue in full force and effect as
to the portion of the Subleased Premises not so taken or condemned, except that,
as of the date possession thereof is taken by the condemning authority,
Subtenant shall not be required to pay Rent with respect to the portion of the
Subleased Premises taken or condemned. For purposes of this Paragraph 17, a
substantial part of the Subleased Premises shall be considered to have been
taken if such taking has the effect of preventing Subtenant from efficiently
utilizing the remaining portion of the Subleased Premises for the conduct of its
business.

               (c) All awards, damages and other compensation paid by the
condemning authority on account of any taking or condemnation shall belong to
Sub-Sublessor, and Sub-Subtenant hereby assigns to Sub-Sublessor all rights to
such awards, damages and compensation; provided, however, that nothing herein
shall preclude Sub-Subtenant from claiming or receiving payment for business
dislocation damages, unamortized Sub-Subtenant improvements actually paid for by
Sub-Subtenant, damages to Sub-Subtenant's trade fixtures and moving expenses
("Sub-Subtenant Damages") so long as the amount of same specifically relates to
Sub-Subtenant and the Sub-Subleased Premises and the amount of same is not
subtracted from the award, other than Sub-Subtenant Damages, which Sublessor or
Master Lessor is entitled to receive. Sub-

                                       12
<PAGE>

Subtenant agrees not to make any claim against Master Lessor, FNMA or the
condemning authority for any portion of such award or compensation attributable
to damages to property, the value of the unexpired Term, the loss of profits or
goodwill, leasehold improvements or severance damages.

            18. Holding Over. Sub-Sublessor hereby advises Sub-Subtenant of, and
Sub-Subtenant acknowledges, the importance to Sub-Sublessor of regaining
possession of the Sub-Sub Subleased Premises promptly at the expiration of this
Sub-Sublease. Therefore, in the event Sub-Subtenant shall fail to vacate the
Sub-Subleased Premises at the expiration or earlier termination of this
Sub-Sublease without having obtained Sub-Sublessor's prior written approval,
then Sub-Sublessor, at its option, (and without any way limiting or abridging
Sub-Sublessor's other remedies hereunder) shall have the right to re-enter
forthwith and take possession of the Sub-Subleased Premised without process or
to institute proceedings for the eviction or removal of Sub-Subtenant and the
recovery of possession of the Sub-Subleased Premises. In addition, at
Sub-Sublessor's option, Sub-Subtenant's holding over shall be construed as a
tenancy at sufferance subject to all the terms, conditions and obligations set
forth in this Sub-Sublease, except that Rent payable by Sub-Subtenant shall
equal twice the Rent that would have been payable with respect to such hold-over
period under this Sub-Sublease during the Term, together with all other damages
incurred by Sub-Sublessor as a result of Sub-Subtenant's holding over.

            19. Broker's Commission. Sub-Sublessor represents and warrants that
it has employed no broker, and Sub-Subtenant represents that it has employed no
broker, in connection with this Sub-Sublease. However, Sublessor and Subtenant
each agree to indemnify and hold harmless the other party from any claims,
damages and expenses, including reasonable attorneys' fees, incurred by the
other party as a result of any alleged breach by such party of its
representation and warranty set forth in this Paragraph 19.

            20. Security Deposit. Simultaneously with the execution of this
Sub-Sublease, Sub-Subtenant shall deposit with the Sub-Sublessor a security
deposit in the amount of $1,000.00. Such security deposit shall be security for
the performance by Sub-Subtenant of all of Sub-Subtenant's obligations,
covenants, conditions and agreements under this Sublease. Provided that
Sub-Subtenant has not at any time been in default of any monetary obligations
under this Sub-Sublease, within approximately thirty (30) days after the later
of (a) the expiration or earlier termination of the Term of this Sub-Sublease,
or (b) Sub-Subtenant's vacating the Sub-Subleased Premises, Sub-Sublessor shall
return the security deposit to Sub-Subtenant, less such portion thereof as
Sub-Sublessor shall have appropriated to satisfy any default under this
Sub-Sublease by Sub-Subtenant. If there shall be any default under this
Sub-Sublease by Sub-Subtenant, then Sub-Sublessor shall have the right, but
shall not be obligated, to use, apply or retain all or any portion of the
security deposit for the payment of any (a) Rent, additional rent or any other
sum as to which Sub-Subtenant is in default, or (b) amount Sub-Sublessor may
spend or become obligated to spend, or for the compensation of Sub-Sublessor for
any losses incurred, by reason of Sub-Subtenant's default, including, but not
limited to, any damage or deficiency arising in connection with the reletting of
the Sub-Subleased Premises. If any portion of

                                       13
<PAGE>

the security deposit is so used or applied, then within three (3) business days
after receipt of written notice to Sub-Subtenant of such use or application,
Sub-Subtenant shall deposit with Sub-Sublessor cash in an amount sufficient to
restore the security deposit to its original amount, and Sub-Subtenant's failure
to do so shall constitute a default under this Sub-Sublease. Sub-Sublessor shall
not be required to pay or forward to Sub-Subtenant any interest accrued with
respect to the security deposit and any interest earned thereon shall be
retained by Sub-Sublessor.

            21. ERISA Representations. Sub-Subtenant agrees to be bound by the
representations, warranties and covenants set forth in paragraph 41 of the
Master Lease.

            22. Quiet Enjoyment. Sub-Sublessor represents and warrants that it
has full right and authority to enter into this Sub-Sublease and that
Sub-Subtenant, while paying Rent and performing its other covenants and
agreements herein set forth, shall peaceably and quietly have, hold and enjoy
the Sub-Subleased Premises for the Term without hindrance or molestation from
Sub-Sublessor or parties claiming under or through Sub-Sublessor, subject to the
terms and provisions of this Sub-Sublease.

            23. Assignment and Subletting. Sub-Subtenant shall not assign,
pledge or otherwise encumber this Sub-Sublease, nor shall Sub-Subtenant Sublease
all or any portion of the Sub-Subleased Premises.

            24. General Provisions.
                ------------------

               (a) The waiver by Sub-Sublessor of a breach of any covenant,
obligation or condition set forth herein shall not be deemed to be a waiver of
any subsequent breach of any covenant, obligation or condition of this
Sub-Sublease.

               (b) This Sub-Sublease shall be governed by and construed in
accordance with the laws of the Commonwealth of Pennsylvania.

               (c) This Sub-Sublease constitutes the entire agreement between
the parties hereto and may not be modified except by a written instrument
executed by the parties hereto.

               (d) If any provision of this Sub-Sublease is declared invalid or
unenforceable, the remainder of the Sub-Sublease shall continue in full force
and effect.

               (e) All notices required or permitted to be given to
Sub-Subtenant hereunder shall be hand-delivered or mailed by certified mail,
return receipt requested to:

                   Universal Trading Technologies Corporation
                   c/o The Ashton Technology Group, Inc.
                   11 Penn Center, Suite 420
                   1835 Market Street
                   Philadelphia, PA 19103
                   Attention: Jennifer L. Andrews
                   Chief Financial Officer

                                       14
<PAGE>

or to such other individual at such address as Sub-Sublessor shall from time to
time designate in writing.

         All notices required or permitted to be given to Sub-Sublessor
hereunder shall be hand delivered, or mailed by certified mail, return receipt
requested to:

                  Philadelphia Stock Exchange, Inc.
                  1900 Market Street
                  Philadelphia, PA 19103
                  Attention: Vice President - Administration

                  with a copy to:

                  Philadelphia Stock Exchange, Inc.
                  1900 Market Street
                  Philadelphia, PA 19103
                  Attention: General Counsel

         or to such other individual at such address as Subtenant shall from
time to time designate in writing.

               (f) Paragraph headings are used herein solely for reference
purposes and are not to be construed as part of this Sublease.

               (g) This Sub-Sublease may be executed in counterpart copies, each
of which shall constitute an original but all of which together shall constitute
one and the same instrument.

               (h) Time is of the essence under this Sub-Sublease.

               (i) Sub-Sublessor and Sub-Subtenant each hereby waives trial by
jury in any action, proceeding or counterclaim brought by either party against
the other in connection with any matter arising out of or connected with the
Sub-Sublease, Sub-Subtenant's use or occupancy of the Sub-Subleased Premises
and/or any claim of injury or damage.

                                       15
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Sublease as
of the day and year first above written.

SUB-SUBLESSOR:

PHILADELPHIA STOCK EXCHANGE, INC.

By:  /s/ William G. Will
     -----------------------
Name:  William G. Will
       ----------------------
Title: Vice Presiden
       ---------------------

THE UNDERSIGNED SUB-SUBTENANT ACKNOWLEDGES THAT IT FULLY UNDERSTANDS THE
CONFESSIONS OF JUDGEMENT CONTAINED IN THE FOREGOING SUB-SUBLEASE , AND
KNOWINGLY, INTELLIGENTLY AND VOLUNTARILY ENTERS INTO THIS SUB-SUBLEASE FULLY
COMPREHENDING THE RELINQUISHMENT OF CERTAIN RIGHTS BY VIRTUE OF SUCH CONFESSIONS
OF JUDGMENT.

SUB-SUBTENANT:

UNIVERSAL TRADING TECHNOLOGIES CORPORATION

By:  /s/ Jennifer L. Andrews
     -----------------------
Name:  Jennifer l. Andrews
       -------------------
Title: Chief financial Officer
       -----------------------

This Sub-Sublease consented to this 14th day of March, 2002:

FNMA:

FEDERAL NATIONAL MORTGAGE ASSOCIATION

By:  /s/ Sherri E. Reich for
     -----------------------
Name:  Zach Oppenheimer
       ----------------
Title: Vice President
       ---------------

                                       16
<PAGE>

                                    EXHIBIT A

                             SUB-SUBLEASED PREMISES

                                      A-1
<PAGE>

                                    EXHIBIT B

                            LIST OF PERSONAL PROPERTY

                                      B-1
<PAGE>

                                    EXHIBIT C

                                  BILL OF SALE

         This Bill of Sale is executed and delivered as of the 14th day of
March, 2002 by Universal Trading Technologies Corporation, a Delaware
corporation ("Seller") to Philadelphia Stock Exchange, Inc., a Delaware
corporation ("Purchaser").

                              W I T N E S S E T H:

         WHEREAS, Seller has agreed to sell to Purchaser and Purchaser has
agreed to purchase from Seller all those items of personal property described in
Exhibit A, attached hereto and incorporated herein by this reference (the
"Personal Property");

         NOW, THEREFORE, for and in consideration of the sum of Fifty Thousand
and No/100 Dollars ($50,000.00) to consist of (i) Twenty Thousand and No/100
Dollars ($20,000) in cash to be paid upon execution of Sub-Sublease (the
"Sub-Sublease") between Seller, as Sub-Subtenant, and Purchaser, as
Sub-Sublessor, for premises located at 1900 Market Street, Philadelphia, PA, and
(ii) Thirty Thousand and No/100 Dollars ($30,000) as a credit to be received by
Seller , as Sub-Subtenant, for future rent and expenses as set forth in the
Sub-Sublease therein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by Seller, Seller hereby agrees as
follows:

         1. Sale and Conveyance. Seller hereby sells, transfers and conveys the
Personal Property unto Purchaser, its successors and assigns.

         2. Representations and Warranties.
            -------------------------------

         A. Seller represents and warrants (i) all of the Personal Property is
free and clear of financing statements, chattel mortgages, security agreements,
title retention agreements, liens or other encumbrances and (ii) Seller has the
right, power and authority to sell the Personal Property to Purchaser without
obtaining the consent of any third party whose consent has not been obtained and
written evidence thereof furnished to Purchaser. Seller, for itself, its
successors and assigns, does hereby warrant and will forever defend title to the
Personal Property unto Purchaser, its successors and assigns against the lawful
claims of all persons, claiming by, through or under Seller.

         B. SELLER REPRESENTS THAT THE PERSONAL PROPERTY HEREIN IS SOLD,
TRANSFERRED AND CONVEYED "AS IS", AND EXCEPT FOR THE REPRESENTATIONS AND
WARRANTIES SET FORTH IN SECTION 2.A. ABOVE, SELLER MAKES NO REPRESENTATIONS OR
WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, ANY
IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

                                       C-1
<PAGE>

         3. Governing Law. This Bill of Sale shall be construed and enforced in
accordance with and governed by the laws of the Commonwealth of Pennsylvania.

         4. Binding Effect. This Bill of Sale shall be binding upon and inure to
the benefit of the parties hereto and their respective heirs, executors,
personal representatives, successors and assigns.

         IN WITNESS WHEREOF, Seller has caused this instrument to be executed as
of the day and year first above written.

                                            UNIVERSAL TRADING
                                            TECHNOLOGIES CORPORATION

                                            By:  /s/  Jennifer L. Andrews
                                                 -------------------------
                                            Name: Jennifer L. Andrews
                                                  ------------------------
                                            Title: Chief Financial Officer
                                                   -----------------------

                                       C-2

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