I talked to each of you a couple of weeks ago, and this topic got pushed 
aside due to some other pressing issues.  However, each of you agreed that a 
standard cutoff time was acceptable for US gas, power and liquids products.  

The best option will be to agree to cutoff at 4pm each day (just to get an 
idea of the numbers we were talking about, I looked at yesterday to determine 
how many deals were traded after 4pm Houston time.  We had three US Gas 
deals, and two Canadian Gas deals).  After 4pm, the bridges would 
automatically roll new EOL deals to the next day.  However, for those deals 
that do not bridge after 4pm, the various risk groups would need to remember 
that these deals are the following day's business.  I am not sure how the 
procedures in Risk would need to be modified for the trader's position 
reports, as the official books would not include these late deals.  Can Risk 
run supplemental reports to ensure that the desks have accurate positions 
each morning?   

I would appreciate any comments that you may have, and regardless, please 
re-confirm that a cutoff of 4pm works for each of your respective groups.

Sheri
x36557

Mike - any potential problems with the DPR?
Peggy - we discussed briefly a few weeks back...any thoughts?