Attached is the draft no-action letter for EnronOnline that Mark Haedicke 
asked us to prepare.  Please note that we have made a number of factual 
assumptions about third party business that should be carefully reviewed by 
the EOL team.  Please let us know where we should go from here.  We should 
look to get this to the CFTC in draft as soon as possible.


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 - EOL.doc