Physical

---------------------- Forwarded by Mike Grigsby/HOU/ECT on 10/08/2000 09:09
PM ---------------------------

Mike Grigsby
10/08/2000 09:15 PM
To: Phillip K Allen/HOU/ECT@ECT
cc:
Subject: Physical

Let's begin rolling out the cash products at 7:15 am. We should also get
back to the cash strategy of the desk each morning. Let's start testing the
market, find the support and resistance each day. It would be nice to have
EOL change the stack manager so that we can switch a product from manage
market depth to last trade is mid with the click of a button, and not go
through the product properties. I'll call them tomorrow.

Let's also decide on a time to close the products each morning. We want to
send the message of reliability, but also allow our Ops group to balance and
nom. I want to begin trading the next day cash by 11:01 am every day. This
would stay active until 4:00.

The push is for PHYSICAL. Our edge over the market will be phys. From risk
to the ability to nominate and invoice, the other platforms will never see it
coming. What are the chances that ICE and espeed will deal with el paso
flows? If information is the reason for EOL, then this will provide it. It
all seems so simple - Fixed priced physical, just when you thought it was old
economy. The reliable indices to big position trading to EOL market share,
all benefit under the new mantra.

Mike