Tim,

I have been approached by 3 different groups regarding an HA or RT index in the West. I have decided against participating with TraderNews or PowerDex. I am considering participating with Dow Jones. I think a working index would help encourage liquidity through price discovery in real time. It should also provide an index to settle against financially for our desk and the Cash desks. I am working with Kate and our developement group upstairs to get the tools in place to participate in the Dow Jones index. I am still waiting for the confidentiality agreements from DJ and will be sending them to Steve Hall when they arrive. I have concerns that participating in this index may spread some of the value we obtain in making a market on EOL to our counterparties. I would appreciate your thoughts on this when you have an opportunity.

Thanks,
Bill