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Enron Mail |
< -----Original Message-----
< From: Baird, Bob < Sent: Wednesday, August 16, 2000 4:22 PM < To: Stockbridge, Edward T < Subject: MTEF Definition < < The CFTC's proposed definition of MTEF: < < Sec. 36.1 Definitions. As used in this part: . . . Multilateral < transaction execution facility means an electronic or non-electronic < market or similar facility through which persons, for their own accounts < or for the accounts of others, enter into, agree to enter into or execute < binding transactions by accepting bids or offers made by one person that < are open to multiple persons who conduct business through such market or < similar facility, but does not include: < (1) A facility whose participants individually negotiate (or have < individually negotiated) with counterparties the material terms applicable < to transactions between them, including transactions conducted on the < facility, and which are subject to subsequent acceptance by the < counterparties; < (2) Any electronic communications system on which the execution of a < transaction results from the content of bilateral communications exchanged < between the parties and not by the interaction of multiple orders within a < predetermined, non-discretionary automated trade matching algorithm; or < (3) Any facility on which only a single firm may participate as market < maker and participants other than the market maker may not accept bids or < offers of other non-market maker participants. < < Robert S. Baird < Vinson & Elkins L.L.P. < One American Center < 600 Congress Avenue < Austin, Texas 78701-3200 < Office phone: 512/495-8451 < Fax: 512/236-3210 < Home phone: 512/347-8065 < Car phone: 512/627-8065 < Pager: 1-888-487-2651 < Voice mail: 512/495-8696, x8451 < Internet: rbaird@velaw.com <
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