a basis swap?  A CFD is merely a swap!




Bernice Rodriguez
07/07/99 09:11 AM
To: Sara Shackleton/HOU/ECT@ECT
cc:  
Subject: Phibro Inc. - EX6176.1

In regards to these trades, we have not had a CFD confirmation from Phibro 
before.  I realize the trades have expired but would like the format to be 
reviewed.  I will then add it to the incoming confirmation file for future 
use.  As far as the payment date, 5 days after the Floating Price is 
determined.  These deals settled about the 11th of June.

Bernice