Please provide comments on the summary below.  After I have collected them, 
we can decide to distribute to Greg, John, Jeff and anyone else involved.

The following is my summary of our collective thoughts regarding the proposed 
24x7 trading of prompt WTI:

 1) appears advisable to have on-site human monitoring for the following 
reasons:
  a) public relations
  b) in case there are operational bugs
  c) unforeseen market events, particulary during off exchange hours, long 
weekends, etc

 2) We advocate some live trading simulation with incentives to "bust" the 
system prior to launch to work our
  operational glitches, and because the historical simulations used daily, 
not intra-day prices.

 3) Consider a daily position limit (a sub-limit of the overall Global 
Products limit) whereby each day, at least once a day,
  the open position will be reduced under the limit (or to close to flat?)
 
 4) Consider  a "trigger" whereby the fixed spread widens if a certain number 
of consecutive trades occurs on the same 
  side of the market

 5) Consider the purchase of deep out-of-the-money puts and calls to protect 
against extreme events.

Ted