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To: Soumen Barua who wrote (435)	6/16/2000 11:07:00 PM
From: Gersh Avery	Respond to of 1002

No problem each contract traded is charged a "commission" of 0.5 points. This charge is only applied after the contract has made it's complete round trip .. that is, if it is a long, then when you have gone long and then sold to cover only then is the commission charged. On 6/14 you bought and sold 200 contracts. the commission for those 200 contracts was 100 points. At $250 per point, the total commission would have been $25,000. In addition you slipped an average of 0.3 points per each of those contracts for another 60 points ($15,000). Today you didn't slip any but you still had commission on 60 contracts or 30 points. $7,500. The 0.5 points per round trip is applied against everybody on every contract they trade. Does that cover it for you?