Re: Trip to Houston ,
 Andy:
Enjoyed meeting with you.  

One more thing I did not address.  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
andrew.fairley@enron.com