Just some feedback on our EOL discussion. Whalley had similar thoughts about
how to address the ICE issue. His thoughts are that if we are 4/5 on EOL, we
post 1/8 on ICE. If someone betters the bid to 1.5, a logic server
automatically bumps up our bid to 1.75. If someone betters that to 2 bid, we
immediately go 2.25 bid. So we are always the best market on ICE so long as
it is not inside our EOL 2-way. Thus the only way our best market shows on
ICE is if without us the market is 3.75/5.25, at which point our 4/5 market
gets shown. If the 3.75 bid pulls out, so does our 4 bid. Our proposal was
that if EOL was 4/5 we would always show ICE 3.75/5.25. Think about which
system you like better.

Whalley loved Fletch's idea of running tally of brokerage saved and that will
be implemented shortly.

I am going to call another EOL meeting for everyone on the gas floor managing
a product this week. The purpose will be to communicate about the importance
of winning the electronic commerce game through a combination of improving
2-ways and killing the broker markets.