Clearing User Meetings

The emergence of web trading has important implications for deal clearing.
Meetings are scheduled for November 16-17 to discuss
these implications and to come to a consensus on a strategic solution for
deal clearing.

Please plan to attend or designate someone who can represent you.

Attached please find a tentative schedule for the meetings.

Additional information will follow.

Please feel free to address any questions you might have regarding these
meetings to Sarita Das ( 713 345-8232 ) or Ron Nolte ( 713 853-7569 ).