Message-ID: <12785682.1075857656018.JavaMail.evans@thyme> Date: Tue, 20 Feb 2001 14:26:00 -0800 (PST) From: john.arnold@enron.com To: andrew.fairley@enron.com Subject: Re: Trip to Houston Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: John Arnold X-To: Andrew Fairley X-cc: X-bcc: X-Folder: \John_Arnold_Jun2001\Notes Folders\'sent mail X-Origin: Arnold-J X-FileName: Jarnold.nsf 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