thanks smart ass.. let me know when this changes..

-----Original Message-----
From: Arnold, John 
Sent: Tuesday, October 16, 2001 11:55 PM
To: Abramo, Caroline
Subject: RE: lot size eol/renaissance/other funds


Will be able to do the lot size at some point in the future.  It requires a change in the eol system that when someone buys 30 of the 60 offered, it reduces the offer from 20,000 to 10,000.  Right now it has no effect on the daily volumes, thus, I am limited to what size to put out else someone can buy infinite amount at same price until I manually change the price.  
Meanwhile, I'll give them a calculator to divide by 333.

-----Original Message----- 
From: Abramo, Caroline 
Sent: Tue 10/16/2001 9:39 PM 
To: Arnold, John 
Cc: 
Subject: lot size eol/renaissance/other funds


hi.... is there any way for you to put the same number of lots on the lot size product as you have on the standard MMBtu per day product?
 
You have 10 lots out there now for Nov01 and 20,000/ day on the standard... can you offer 60 contracts (20,000*30) on the lots size.. the people that the product was meant for can just click their one or two lots.. its going to be the same price as the standard Nov01 contract right?
 
The physical standard is a limitation for funds.. all of them trade lots.. no one wants to sit there and figure out the contracts however easy it is.
 
I think I can get at least 4 more funds on EOL if you can do just this..these are people outside the Campbell types who can not trade OTC.  EOL is great for funds like Ren whose traders get buy/sell orders at the beginning of the trade day (I assume they get signals on close) and have discretion on how to execute through the day. Versus Campbell who gets a signal and executes orders immediately regardless of liquidity.. its all to do with the way they view slipage
 
Liz at Renaissance was not giving you the whole picture on how much they trade.. they are an 8 Billion fund.
 
Last year they traded:
156,000 crude contracts- most in one day.. 6,000 contracts
85,000 nat gas- 6,000 highest one day
40,000 Nickel-1,000 highest one day 
120,000 Ali- 6,000
52,000 Cu- 5,000
24,000 Zn- 2,000
 
The only other energy counterparty they have is Goldman (this is the case with a lot of the program traders).. they tried MS, but said they were terrible..