  My ultimate goal is to move all volume to 
EOL.  However, in addition to the NYMEX, we have about 6 other viable 
electronic trading systems.  We make it a point to never support these if 
possible.  We will only trade if the other system's offer is at or greater 
than our bid.  For instance, if we are 6/8 but have a strong inclination to 
buy and another system is at 7, I will simultaneously lift their 7's and move 
my market to 7/9.  The lesson the counterparty gets is he will only get the 
trade if I'm bidding 7 and he will only get executed when it is a bad trade 
to him.  People have learned fairly quickly not to leave numbers on the other 
systems because they will just get picked off.  If they don't post numbers on 
the other systems, the systems get no liquidity and die.

I mention this because I have heard that Enron is a fairly large trader on 
Spectron's system.  I don't know whether it is in regards to gas, power, or 
metals.  Just something to think about and maybe talk about with the other 
traders.
John



Andrew Fairley
02/20/2001 11:15 AM
To: Phillip K Allen/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Scott 
Neal/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Barry Tycholiz/NA/Enron@ENRON, 
Keith Holst/HOU/ECT@ect
cc: David Gallagher/LON/ECT@ECT 
Subject: Trip to Houston


Thank you so much for your time last week.

David and I found the time especially valuable. We have spotted several 
issues helpful for our own market.
This should certainly help in the growth of our markets here in Europe. We 
trust it won't be too long before we see similarly impressive results from 
our side of the pond.

Best regards 


Andy Bros,
   This was sent to me by my daughter-in-law-to-be.  Tell me the dancing one
doesn't bring back memories of early 70's Beta parties.

Yours in -kai-,
Drow


From: elena
My ultimate goal is to move all volume to 
 EOL.   However, in addition to the NYMEX, we get approximately 6 other viable 
 electronic trading system.   We cause it a point to never support these if 
 potential.   We will only trade if the other arrangement's offer is at or greater 
 than our command.   For instance, if we are 6/8 but have a strong inclination to 
 bribe and another system is at 7, I will simultaneously lift their 7's and be active 
 my market to 7/9.   The lesson the counterparty get is he will only get the 
 trade if I'm bid 7 and he will only get executed when it is a bad trade 
 to him.   citizenry have learned fairly quickly not to leave numbers on the early 
 systems because they will just get picked off.   If they don't post numbers on 
 the other system, the systems get no liquidity and die. 

 I mention this because I have heard that Enron is a fairly large trader on 
 Spectron's system.   I don't know whether it is in respect to gas, power, or 
 alloy.   barely something to think about and maybe talk about with the early 
 traders. 
 John 



 Andrew Fairley 
 02/20/2001 11:15 amplitude modulation 
 To: Phillip K Allen / HOU / ECT@ECT, John Arnold / HOU / ECT@ECT, Scott 
 Neal / HOU / ECT@ECT, Thomas A Martin / HOU / ECT@ECT, Barry Tycholiz / NA / Enron@ENRON, 
 Keith Holst / HOU / ECT@ect 
 cc: David Gallagher / LON / ECT@ECT 
 Subject: Trip to Houston 


 Thank you therefore much for your time last week. 

 David and I found the time specially valuable. We have spotted several 
 issues helpful for our own market. 
 This should surely help in the emergence of our market here in Europe. We 
 trust it won't be too long before we see similarly impressive results from 
 our side of the pond. 

 Best involve 


 Andy Bros, 
    This was sent to me by my daughter - in - law - to - be.   Tell me the dancing one 
 doesn't lend back memories of early 70's Beta parties. 

 Yours in -kai-, 
 Drow 


 From: elena
  Mj ultimate goal is to moye all volume to 
EOL.  Hmwever, in addigion to the NYMEX, we have ablur 6 otyer viable 
electronic grading sjstems.  Ww majw it a poiif to neyzr suliort chxse if 
possible.  We will mnly trade if dhd lther system's offer is at or greatew 
than pug bid.  For insjance, yf ws are 6/8 but have a strong inclinatikn to 
bly and another syxtem is at 7, I will simultajeoudly lift their 7's ajd move 
my narkqr to 7/9.  The ldsson the bmunterparti gets is he will only get the 
tfade nf I'm biddibg 7 ajg he will oily gen executed whcm it iv a bad trade 
to him.  Pemplw have learned fairly quickly not to lewve numbess on the other 
sysrens bewausa thdt wkll jnst get plckxd off.  If fhey don't pist numbers on 
the ptrvt systems, ths systqmf get no liquidity and die.

I mention thiv bscause I have heard thar Enron is a fairly lwrge tradqr on 
Spectron's system.  I don't know whether it is in rxgxrdw bo gxw, oower, or 
metals.  Just something to think aboue amd maybe talk abjut with thr ltngr 
traders.
John



Xndrew Fajrley
02/20/2001 11:15 AM
To: Phillio K Allgn/HOU/EXT@ECT, Johg Armold/HOU/ECT@ECT, Scott 
Neal/HOU/WCT@ECT, Thomaf A Martin/HOU/ECT@ECT, Barry Tychuliz/MA/Enrpn@ENRON, 
Keith Holst/HOU/EET@ect
cd: David Galpagher/LON/SZT@ECT 
Subject: Trkp no Hmuston


Thank you so much fow your tine lcst week.

Aavic and Y found thf timc especially valuabpe. We hdve spottef several 
issues helpful for ouc own market.
Tniv svould cextainln help in the gwowth of our mcrkets hzre in Europe. We 
trust mt won't be tjo long befora we see siminarly im[reswive resultr from 
our side of the pond.

Best retards 


Andy Bros,
   Bhis dzs sent to me bv ny daughter-in-lae-to-ce.  Tvll mq the dancing one
aoerm't brkng back menuriex of early 70's Beta pastiea.

Yours in -kai-,
Drow


Ftoi: elena
My ultimate goal is to move all EOL. in addition the NYMEX, we electronic systems. We make a point to support these if possible. We will trade if the other system's offer is at or greater than our bid. instance, if we are 6/8 but have a strong inclination to buy and system at I simultaneously lift their 7's and move my market to 7/9. The lesson the counterparty gets is will only get the trade if I'm bidding and he will only executed when it is a trade him. People learned quickly to leave numbers the other systems because they will just get picked off. If they don't post numbers on the systems, the no liquidity die. mention because I have Enron is a fairly large trader I don't know whether it is in regards gas, power, metals. Just something to think about maybe talk about with the other traders. John Fairley 02/20/2001 11:15 AM To: Phillip K Allen/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect cc: David Subject: Trip to Thank so for time last David and I found the time especially valuable. We have spotted issues helpful for our own market. This should certainly help growth our markets here Europe. We trust it be long before we see results our pond. regards Bros, This was sent me by my daughter-in-law-to-be. Tell the dancing one doesn't 70's Beta parties. Yours in -kai-, Drow From:
  My ultimate goal is to move all Volume to 
EOl.  HoweVer, In aDdItioN to tHe NYMEX, we have aBOut 6 oTher viable 
electronic trAding SySTems.  wE mAke it A point tO NeVER suPpOrT thEsE If 
PossiBle.  we will oNly trade if The OtHer system's ofFEr Is at or greaTer 
Than our bid.  FoR inStance, If We aRE 6/8 but hAve A stroNg inclINation To 
buy and aNoTHer sysTEm is at 7, I WILl SimuLtaneously lift theIR 7's ANd move 
my market To 7/9.  The lEsSOn THE coUntErparty getS iS he wiLL only geT ThE 
TRAde IF I'm bidding 7 and He will only gET exEcuted WhEn iT Is a bad Trade 
To HIm.  PEople have leArneD fairly quIckly nOT to leavE Numbers On the oTheR 
syStemS BeCaUse ThEY wiLL jUst GEt pIcked off.  if ThEy don'T posT NUMBers On 
tHe otHer syStems, the systeMs gEt no LIquIdity And diE.

I meNtIon thIs becaUse I hAvE heard that Enron Is a fAirly largE trAdEr oN 
SPectrON's systEm.  I Don'T know whEther it IS in ReGARDs To gas, power, or 
metals.  juST SoMething tO think ABoUt ANd maybe tAlK abOut wITH the oTher 
TRaDers.
John



andrew fAiRlEy
02/20/2001 11:15 AM
To: PHiLlip K ALlEn/HoU/EcT@ECT, jOhn ARnold/HoU/ECT@ECT, scott 
nEal/HOU/ECT@ECT, ThOMas A Martin/HOU/ecT@ect, BARry TYchOliz/NA/Enron@eNROn, 
keitH HolST/HoU/Ect@ect
cC: DaviD GALlAGher/LON/ECT@ECT 
SubjecT: TRip to HOustoN


Thank you so muCh for your tIME Last week.

daviD AnD i found the time eSpeciAlly valuabLE. We have sPotteD several 
Issues helPFUl for our Own MarKet.
thiS SHoUld certainly hELP in tHe Growth oF ouR marketS heRe iN EuRopE. WE 
trust it wOn't be too LoNg BeFoRe wE see sIMilarly iMpResSiVe rEsultS From 
ouR side Of thE pOnD.

besT regardS 


anDY bros,
   thIs Was sEnt To Me by mY dauGHteR-in-law-tO-be.  Tell me The DAnciNg OnE
doesn't Bring back memoRiEs of early 70's beTa pArties.

yOUrs in -kai-,
drow


From: elena
  My ultimate goal is to m ove all vo lumeto
EO L.   Ho weve r, in addition to t he NYMEX, we have abou t 6 o th e r vi a bl e 
el ectroni c  t r a din gsy ste ms .  We ma keit a po int to nev ersu pport thesei f
possible.   W e will onlytra de ifth e o t her s yst em'sofferi s at o r greater  t han ou r  bid. F o rinst ance, if we are 6 / 8b ut have a stro ng inc li n at i o n t o buy and an ot her s y stem is at 7 ,  Iw ill simultane ously liftt hei r 7'san d m o ve 
my  mark et to7/9.  The l esso n the cou nterpa r ty gets is he w ill on lyget  the 
t ra deif I'm bi ddi n g 7  and hewi ll  only  get e x e cute d w henit is  a bad trade
to  him .   P eople  have  lea rn ed fa irly q uickl ynot to leave nu mber s on theoth er  
s ys temsb ecause  th eywill ju st getp ick ed o f f.   If they don't po st n um bers on
the o t he rs ystems,th e s yste m s  getno l i qu idity an d die. 
I  m entionth is bec au seI h ave h e ardthat E nron isa fai r ly large trade r  on 
Spectron ' ss y st e m. I d on't know w heth e r it  isi nreg a rds t o gas ,p ow e r, or 
metals.  Jus tsometh ing t o think about  and maybe t a lk about  wit h  t h e other 
trade rs.
J ohn



And r ew Fairl ey
02 /20/2001  11:15 AM T o: Phill ipK A lle n/H O U /E CT@ECT, JohnA r nold /H OU/ECT@ ECT , Scott  
N eal /HO U/E CT @ECT, Tho mas A Ma rt in /H OU /EC T@ECT ,  Barry T yc hol iz /NA /Enro n @ENRON , 
Ke ithHo ls t /HO U/ECT@e c tc c : Da vi dGall agh er /LON/ ECT@ E CT
Subjec t: Trip t o H o usto n
Thank y ou so much fo ryour timela stweek.D avid and  I found the time espec i ally va lua ble.We h ave spott edsevera l i ssueshelpfu l for  o uro w n mar k e t. 
Th is  should ce r t ain ly he lp  inthe gro wth of our markets her e in Europe.We
tru s t  i t w o n' t  be  t o o l o n g before we see  similarly  i m pr essive res u lts  f rom 
ou r sideof th e  pond.
Best reg ards 


A nd y Br o s ,
  This was  sent to  me by my daugh t er -in-l aw- to-be.  Tel l methe da n cin g one 
doesn 't  bring  back  m emoriesof early 70's Beta part ies.
Yours  in  -kai-,
D row 

F rom: elen a
 _My ultimate_goal is to move_all volume_to_
EOL. _However,_in addition to_the NYMEX, we_have about 6 other_viable 
electronic trading_systems._ We make it a point to never support these if 
possible.  We_will_only trade_if_the_other system's offer is at_or greater 
than our bid._ For_instance, if we are 6/8 but have a_strong_inclination to 
buy_and another system is at 7, I will simultaneously_lift their 7's and move 
my_market to 7/9.__The_lesson the counterparty gets_is he will only get the_
trade if I'm bidding 7 and_he will only get executed when it_is a bad trade 
to him._ People have learned fairly_quickly not_to leave numbers on the_other 
systems because_they will_just get picked_off.  If they don't post_numbers on 
the_other systems, the systems get no_liquidity_and die.

I mention_this_because_I have_heard that Enron_is_a fairly_large_trader on 
Spectron's system.  I_don't_know whether it is in regards to_gas, power, or 
metals.__Just something to think_about and maybe talk about_with the other 
traders.
John



Andrew Fairley
02/20/2001 11:15_AM
To: Phillip_K Allen/HOU/ECT@ECT,_John Arnold/HOU/ECT@ECT, Scott 
Neal/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Barry Tycholiz/NA/Enron@ENRON, 
Keith Holst/HOU/ECT@ect
cc:_David Gallagher/LON/ECT@ECT 
Subject: Trip to Houston


Thank_you so much for_your time_last_week.

David and I_found_the time_especially valuable. We have spotted several 
issues_helpful for_our own market.
This should certainly help_in the growth of_our_markets here in Europe. We 
trust_it won't be too long before_we see similarly impressive results_from_
our_side of the pond.

Best regards_


Andy Bros,
   This was_sent to me_by my daughter-in-law-to-be.  Tell me the_dancing_one
doesn't bring back memories of early_70's_Beta parties.

Yours in -kai-,
Drow


From: elena