The Emmisions book under Kevin McGowan will take a one time $4 Million hit 
today.  This is to move the curves to better reflect the current market.  
This hit will stay in the Coal group but will be removed from its P/L from a 
performance measurement standpoint.  Now that the curves are corrected I 
expect a focus on building our emmisions trading business in the following 
ways:

1.  Understanding the fundamentals.
2.  Taking advantage of structural shifts that we forecast.
3.  Building more liquidity and being the primary market maker.
4.  Developing new traders.

Thanks
 
John