I spoke to Alfred Pennisi from MG today.  MG clears their own trades and 
maybe some for other customers.  He indicated that his cost for clearing is 
$3.05 round turn. If this is accurate, we need to evaluate whether clearing 
ourselves and issuing cp every night is less expensive than paying a higher 
clearing rate and getting access to financing.  This is a question I hope 
your analysis of the true cost of clearing will answer.  

Also, fyi, over the past two days I have done two 6,000 lot EFP's with El 
Paso under the same structure I explained to you previously whereby long 
futures are transferred from his account to mine to lower initial margin 
costs.