The Product is as follows:

William Stuart on the FX desk will offer the Product to Enron canada Corp on 
an internal basis only. The GTC will be an 'internal only' GTC that we use 
that tells any external customer that may inadvertantly access the internal 
trade that the transaction is freserved for internal trading only; the only 
radio button will be a "REJECT GTC", which further prevents an external 
customer from transacting.

Stuart will post a Fixed Price price that represents the USD/CAD Exchange 
rate on Trade Date. The Fixed Amount will be a CAD amount equal to volume 
multiplied by Fixed Price. The Floating Amount will be a CAD Amount equal to 
the volume multiplied by the Index, where the Index is a Floating Price equal 
to the USD/CAD.

There are several arguments as to whether this should be classified as a 
Forward or a Financial transaction. Our effort was to arrive at something 
that would be easily understood by the market in the event that we begin to 
offer this product externally.

The full Product description is attached. Please go in and offer your 
approval.



Dale
3-9746