The FIX module v1.0 is now operational and meets all the specifications as 
shown in the FRS.  The team would be happy to show you a demo at your 
convenience, perhaps early next week.  We anticipate our back office using 
FIX in parallel with existing systems for December 2000, and then using FIX 
"under fire" for January 2001 invoices.

The demo uses actual data from Sempra, our largest volume natgas financial 
counterparty.  In about a minute, FIX is able to compare Enron data and 
Sempra data (received electronically as an excel spreadsheet and stored on a 
mini version of our Deal Database), immediately matching about 1450 of the 
1500 deals.  It then helps the user to manually match those 50 deals that the 
primary match engine could not.  This whole process, if it were purely 
manual, would take more than a day.  Using excel spreadsheets (and sort 
functions), Enron currently spends 4 to 8 hours per month matching Sempra 
invoices. FIX allows the user to perform all matching in about 10 minutes.

Our next deliverable is the Confirm Central module v1.0, due 1 December.  We 
anticipate delivering it on time, as we have with FIX.


All the best,

Tom