----- Forwarded by Richard B Sanders/HOU/ECT on 11/26/2000 09:20 AM -----

	Carey M Metz
	10/26/2000 07:11 AM
		
		 To: Richard B Sanders/HOU/ECT@ECT
		 cc: 
		 Subject: Re: Draft Letter to TJ Sattler

Here is a letter detailing what I feel our response should be. It makes no 
absolute statement regarding pricing errors, but does commit to the validity 
of "in the market" online trades. I do want to check the audio tapes to 
review exactly what the trader said, before we send anything back. I feel 
this letter highlights the difference between the situation on June 1 and the 
other events. I also feel this should significantly quiet their stance.