To my knowledge, we will trade these instruments via internal broker 
platforms (i.e., ENA traders will trade online rather than over the phone), 
such as Goldman Sachs, or directly over the phone.  All trades will be 
confirmed either online or verbally and ENA will receive a daily statement 
reflecting trades done the previous day.  ENA does not prepare a confirmation 
but will need to check out the broker statements.

I believe that these debt securities are issued in either book-entry form (in 
variable denominations) or as registered certificates (e.g., undivided 
interests in a mortgage pool).

We will trade US agencies and Japanese bonds with Goldman.

Please let me know if you have any questions.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com



	Laurel Adams
	01/08/2001 09:08 AM
		 
		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: 
		 Subject: Government agencies

Sara,  I'm at home sick this morning, but plan to go into work this 
afternoon.  Could you take a look at the email below and give me your 
thoughts?  I'm not at all familiar with these instruments.  Thanks.
---------------------- Forwarded by Laurel Adams/HOU/ECT on 01/08/2001 08:59 
AM ---------------------------
   
	
	
	From:  Sheila Glover                           01/08/2001 08:55 AM
	

To: Ellen Su/Corp/Enron@Enron, Kevin Lee/Corp/Enron@Enron, Clara 
Carrington/HOU/ECT@ECT, Laurel Adams/HOU/ECT@ECT
cc: Jonathan Le/HOU/ECT@ECT, Tim Abasov/HOU/ECT@ECT 
Subject: Government agencies

Gary has gotten approval to use Governement Agencies as hedging vehicles.  
Per Ellen, they will use Fannie Mae, Freddie Mac, and Federal Home Loan Bank 
instruments.  What do we need to do to trade, confirm and settle these 
instruments?
We will get together at 4:30 today to discuss the changes required.
Thanks. Sheila