WTI - New EOL Product

Please provide comments on the summary below. After I have collected them,
we can decide to distribute to Greg, John, Jeff and anyone else involved.

The following is my summary of our collective thoughts regarding the proposed
24x7 trading of prompt WTI:

1) appears advisable to have on-site human monitoring for the following
reasons:
a) public relations
b) in case there are operational bugs
c) unforeseen market events, particulary during off exchange hours, long
weekends, etc

2) We advocate some live trading simulation with incentives to "bust" the
system prior to launch to work our
operational glitches, and because the historical simulations used daily,
not intra-day prices.

3) Consider a daily position limit (a sub-limit of the overall Global
Products limit) whereby each day, at least once a day,
the open position will be reduced under the limit (or to close to flat?)

4) Consider a "trigger" whereby the fixed spread widens if a certain number
of consecutive trades occurs on the same
side of the market

5) Consider the purchase of deep out-of-the-money puts and calls to protect
against extreme events.

Ted