fyi
----- Forwarded by Elizabeth Sager/HOU/ECT on 05/02/2001 10:18 AM -----

	Melissa Ann Murphy
	04/30/2001 04:05 PM
		 
		 To: Elizabeth Sager/HOU/ECT@ECT
		 cc: 
		 Subject: Options

Hello, attached below is an example of a monthly option and a daily option.  
The only difference being one is exercised once a month and the other is 
exercised daily.  The times that options are exercised varies by delivery 
point and whether the option is daily or monthly.  We can send you a list of 
these rules if needed.



Let me know if you need anything else.

Thanks,
Melissa
3-1886