FYI.  Please check into this....
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 11/08/2000 
12:51 PM ---------------------------


Phil Clifford
11/08/2000 12:32 PM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc: David J Botchlett/HOU/ECT@ECT 
Subject: marketing quote

i wanted to follow up on our earlier phone conversation regarding a marketing 
quote. i spoke with troy about the product he was looking for, a strip of 
flat price quotes for 7 months, and the reason for the time delay. in order 
to give an accurate fixed priced quote on a month by month basis i needed to 
update the merc quotes on each front to back for the 7 months. this was going 
to take approx 5 minutes, the time needed to get spreads from the floor, and 
this was the amt of time i told troy i needed. i also explained i could quote 
it as a strip package vs settle live.( i believe this all took place Friday.)

if memory serves me, early Monday the customer asked for the quote as a strip 
package. we quoted it live, but i don't believe they liked the offer. 
considering that i quoted the mkt on both the bid and ask, which was a good 
25-30pts tighter than the floor i am not sure what the problem was. as i see 
it, if they did not like the offer i provided they were free to take me out 
of the bid i showed them on the two way.

kind regards,

Phil Clifford