We will be releasing new EnronOnline functionality tonight which will be 
available for use on Monday morning. 

Two information sessions will be held in Houston to further explain the new 
functionality. It is very important to attend these sessions to fully 
understand the new features. For sessions in Calgary or Portland, please 
contact Savita Puthigai at 713 853 1787. For sessions in London, Oslo, 
Singapore, Australia or Tokyo, please contact PCG London on +44 20 7783 7783.


Date     Time   Location
Tuesday, 27th February  3.30 to 4.00  EB 27C2
Wednesday, 28th February 3.30 to 4.00  EB 27C2


There are two areas of new functionality: Spreads and Stack Manager.

Spreads

From Monday, Enron traders will be able to define a Spread product on 
EnronOnline in which the customer can trade on a single spread product and 
receive a transaction for each leg of the underlying products.

For example, a customer could select to buy the April vs May Spread Product. 
A successful transaction would result in a Sell for the April Product and a 
Purchase for the May Product. Both of these underlying transactions will show 
up in the customer's transaction list (the spread itself will not show up - 
only the two legs). The price for Leg 1 will be equal to the average of the 
bid and offer, or the bid or offer alone if the averge cannot be computed 
because either side is  missing , for the Leg 1 Product. The price for Leg 2 
will be equal to the price for Leg1, plus the spread price.

To ensure accuracy and consistency, EnronOnline Product Control will set up 
these new Products initially.

Stack Manager

There are a few changes to Stack Manager which may or may not be directly 
associated with Spreads:

New Stack Link Type

On the Link Dropdown box on the Product Properties page, there is a new Stack 
Link Type called "Stack Basis Link". If you select this link, then the price 
you enter into the stack depth window will be added to the price in the stack 
depth window from the parent (it will not be added to the calculated price of 
the parent which appears on the website). For example:
 Product 1 is a Stand Alone Product, with Bid at $5.00
 Product 2 is a Basis Link Child, with Stack Depth Price at $0.25, so the 
calculated total price which appears on the website is $5.25
 Product 3 is a Stack Basis Link, with Stack Depth Price at $0.05, so the 
calculated total price which appears on the website is $0.30


Autohedge Changes

If an Enron trader has an autohedge set up between two products which they 
are managing under the same book, then the Parent product will respond as 
though an autohedge transaction has occurred, but no transaction will 
actually be entered into the system. This is intended to simplify position 
management where you want the parent price to respond to a transaction on the 
child, but do not want to manually remove transactions within the same book.

Note that autohedge functionality remains the same as it was before this 
update for autohedge transactions between products which are not in the same 
book.

Trade Linked View

You can now view linked transactions together on the transaction display 
section in the stack manager. To do so, right click in the transaction 
display section and select linked view. You will see a single transaction 
with a plus sign for any linked deals (e.g. spreads and autohedged deals). To 
see the individual transactions that make up the linked transaction click on 
the plus sign. 

You can display the linked transactions in a expanded or collapsed view. To 
do so right click in the transaction display area and select    Full Expand 
or Full Collapse.

To return to the default transaction display, right click in the transaction 
display area and select Transaction view.


New EnronOnline Contact

As part of a restructuring within EnronOnline, Savita Puthigai will be your 
primary contact within EnronOnline for Trading and System Design issues. 
Future emails such as this one will be sent from her address. She can be 
contacted in Houston on 31787.


Dave