Guys,

Here is another copy of my March 21 e-mail.  Your response please?

Steve Hurst
Merchants' Exchange
952-935-9045

-----Original Message-----
From: hursts [mailto:hursts@merchants-exchange.net]
Sent: Wednesday, March 21, 2001 8:42 AM
To: john.lavorato@enron.com; whalley@enron.com; andy.zipper@enron.com
Cc: Bob Stewart; Al Ramirez; jsorkin@juno.com
Subject: Merchants' Exchange


Gentlemen,

Here is a diagram to illustrate connectivity and relationships on our
trading platform. The items illustrated in yellow represent those portions
of our trading platform that would interface with the Enron trading platform
if we were to link Enron's cash markets with futures markets at the
Merchants' Exchange.

In terms of a potential business relationship, it would be a simple matter
for Enron to participate on the Merchants' Exchange as an FCM (the
relationship illustrated here).  Another approach, and one which would be
far more interesting, would be for Enron to participate more deeply in the
exchange, perhaps as as a marketmaker or even as a stakeholder.

Let's talk further.

Steve Hurst
952-935-9045

 - Trading Platform.ppt