OMLX application

Mark,

Two quick points:-

1. Have Houston IT yet had the opportunity to review the IP licence
agreements from a technical standpoint and do they have any questions on the
wording etc of the documents for discussion with the exchange?? I believe
that we may be in a position to get signature copies of these documents out
of the OMLX on Friday of this week, or certainly during the early part of
next week, and I would hope that we can avoid having to go back to OMLX with
IT Dept's queries on the docs after they are issued for signature.

2. Neither I, nor for that matter the OMLX Legal Dept in London, believe that
Merrills should have a problem under CTFC Part 30 as clearer - in fact these
Rules probably don't apply at all to them as a clearer (they would if they
were acting as an execution broker) - and even if the Rules were to bite,
Merrills should meet the requirements by being FSA regulated in the UK (the
FSA has an MOU with the CFTC on this issue). Hence we can't understand what
Merrills are talking about!! I wonder if we can short-circuit this issue -
if Bob still wants to go ahead with Merrills, may be Bob could put me in
touch with his contact at Merrills in London and then I can involve their
Legal Dept (Merrills have a competent Legal crew in London, and should be
able to deal with this really quickly).

Kind regards

Mark