Dutch:
The increase in position and subsequent position limit violation was due to 
two factors.  First, a long position was moved into the long-term exotics 
book due to the nature of the position.  I am currently using the ltx to hold 
longer-term strategic positions.  The large increase in position is a 
reflection of my view of the market. 
Second, a large customer transaction originated by Fred Lagrasta's group was 
transacted at the end of the day Monday and was not able to be hedged until 
this morning.  Hence a large position increase occurred for yesterday's 
position and a corresponding decrease occurred today.
John