---------------------- Forwarded by Mike Grigsby/HOU/ECT on 10/08/2000 09:09 
PM ---------------------------


Mike Grigsby
10/08/2000 09:15 PM
To: Phillip K Allen/HOU/ECT@ECT
cc:  
Subject: Physical


Let's begin rolling out the cash products at 7:15 am.  We should also get 
back to the cash strategy of the desk each morning.  Let's start testing the 
market, find the support and resistance each day.  It would be nice to have 
EOL change the stack manager so that we can switch a product from manage 
market depth to last trade is mid with the click of a button, and not go 
through the product properties.  I'll call them tomorrow.

Let's also decide on a time to close the products each morning.  We want to 
send the message of reliability, but also allow our Ops group to balance and 
nom.  I want to begin trading the next day cash by 11:01 am every day.  This 
would stay active until 4:00.

The push is for PHYSICAL.  Our edge over the market will be phys.  From risk 
to the ability to nominate and invoice, the other platforms will never see it 
coming. What are the chances that ICE and espeed will deal with el paso 
flows?  If information is the reason for EOL, then this will provide it.  It 
all seems so simple - Fixed priced physical, just when you thought it was old 
economy.  The reliable indices to big position trading to EOL market share, 
all benefit under the new mantra.

Mike