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Enron Mail |
The language that puzzles me is on page 24 of the New Regulatory Framework
release. It is discussing the Chicago Board of Trade's suggestion that the exclusion for unilateral transaction execution facilities, such as EnronOnline, be deleted. The release says: "However, under the proposed exclusion there can be but one counterparty to all market participants. That is quite different from using one or more specialists in a multilateral trading setting. In that structure, the bids and offers of non-specialists are permitted to interact with each other." I can understand the point with respect to "or more" specialists, but I don't understand how you can distinguish EnronOnline from a market with a single specialist who is a counterparty to all trades. I also don't understand the point about bids and offers interacting with each other. This may be because I don't understand how specialists go about their business. But the question is, I suppose, does EnronOnline have to take steps to make sure that bids and offers are isolated from one another so they don't "interact?" Maybe, in fact, that's the way EnronOnline works, but this is pretty confusing to me. I suppose this language may cause more trouble for DealBench than EnronOnline, since DealBench deal rooms may have all sorts of interactions among bidders. I'd appreciate your thoughts. Robert S. Baird Vinson & Elkins L.L.P. One American Center 600 Congress Austin, Texas 78701 Telephone: (512)495-8451 When calling from Houston (713)758-2414 Fax: (512)236-3210 Email: rbaird@velaw.com Home telephone (512)347-8066 Car phone: (512)627-8065 Home fax: (512)347-8065 Pager: 1-888-487-2651 ++++++CONFIDENTIALITY NOTICE+++++ The information in this email may be confidential and/or privileged. This email is intended to be reviewed by only the individual or organization named above. If you are not the intended recipient or an authorized representative of the intended recipient, you are hereby notified that any review, dissemination or copying of this email and its attachments, if any, or the information contained herein is prohibited. If you have received this email in error, please immediately notify the sender by return email and delete this email from your system. Thank You
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