----- Forwarded by Richard B Sanders/HOU/ECT on 12/01/2000 07:56 AM -----

	Steve C Hall
	10/30/2000 05:38 PM
		 
		 To: Elizabeth Sager/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT
		 cc: Christian Yoder/HOU/ECT@ECT
		 Subject: Confidential Memo For Thursday Meeting

Richard and Elizabeth,

At Christian's suggestion, I am sending a memo I prepared summarizing some of 
the more exotic strategies used by our traders.  Christian has reviewed the 
memorandum and believes that it will assist you both in preparing for our 
Thursday meeting.  Between now and Thursday, Christian and I are going to 
analyze the ISO tariff to determine if the tariff prohibits any of these 
strategies.

Steve