I spoke to Alfred Pennisi from MG today. MG clears their own trades and
maybe some for other customers. He indicated that his cost for clearing is
$3.05 round turn. If this is accurate, we need to evaluate whether clearing
ourselves and issuing cp every night is less expensive than paying a higher
clearing rate and getting access to financing. This is a question I hope
your analysis of the true cost of clearing will answer.

Also, fyi, over the past two days I have done two 6,000 lot EFP's with El
Paso under the same structure I explained to you previously whereby long
futures are transferred from his account to mine to lower initial margin
costs.