I'm afraid I disagree with Justin but prefer not to do so publicly.  It seems 
to me we need a verifiable end time for the Auction Period and should choose 
a time and a time zone that makes sense for the traders and counterparties 
(presumably UK for EnBank but Central for emissions credits).
---------------------- Forwarded by Mark Taylor/HOU/ECT on 02/15/2000 01:47 
PM ---------------------------


Justin Boyd
02/15/2000 11:54 AM
To: Mark Taylor/HOU/ECT@ECT, David Forster/LON/ECT@ECT
cc:  
Subject: Re: Auction Procedures  

Mark/Dave,

Many thanks for tha attachment, which I agree with.  As for the point about 
time, I would specify something like "prevailing local time"........

Regards

Justin




To: Justin Boyd/LON/ECT@ECT
cc: David Forster/LON/ECT@ECT 

Subject: Re: Auction Procedures  

Here are my comments (together with my voice mail comment to Dave regarding 
an earlier deletion).





Justin Boyd
02/15/2000 03:26 AM
To: David Forster/LON/ECT@ECT, Mark Taylor/HOU/ECT@ECT
cc:  
Subject: Re: Auction Procedures  

here are my minor comments as marked.  I would regard a "bid" in the context 
of an auction as a legal offer.

justin







David Forster
14/02/2000 21:34
To: Mark Taylor/HOU/ECT@ECT
cc: Justin Boyd/LON/ECT@ECT 

Subject: Re: Auction Procedures  

Mark,

I have suggested a few changes on the attached, redlined version.

Please let me know if you think these are appropriate.



Thanks,

Dave


   
	
	
	From:  Mark Taylor                           02/14/2000 05:42 PM
	

To: Justin Boyd/LON/ECT@ECT
cc: David Forster/LON/ECT@ECT 

Subject: Auction Procedures

Unless you object, we have decided to structure the auction site with the 
"auction procedures" set out on the bid page, immediately above the "submit" 
button.  As soon as the bid is submitted, the system will check to see if the 
counterparty has already accepted the GTC's or has a master in place.  Here 
is S&C's first draft of the procedures for an auction without a reserve 
price, with no commitment to sell (or buy) and no disclosure of bids to other 
parties.  It is my impression that this is the way the EnBank auctions will 
be conducted.  Is that correct?  Any suggestions/comments?

Mark


---------------------- Forwarded by Mark Taylor/HOU/ECT on 02/14/2000 11:39 
AM ---------------------------


GILBERGD@sullcrom.com on 02/14/2000 08:20:25 AM
To: Mark Taylor/HOU/ECT@ECT
cc: RAISLERK@sullcrom.com 
Subject: Auction Procedures



Attached is a draft of the Auction Procedures we discussed.  Because I don't 
know how the auction page will be configured, it is likely that conforming 
changes will be necessary.  Also, I have left the references to "Enron" in 
brackets; I am not sure if a specific entity will be referenced or if all 
entities will be defined collectively as "Enron".  Please call or e-mail with 
any questions or comments.  Best regards.


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