-----Original Message-----
From: 	Doug York <doug@Campbell.com>@ENRON  
Sent:	Tuesday, November 20, 2001 10:16 AM
To:	Abramo, Caroline
Cc:	Arturo Hidalgo; Terri Becks; Dick Bell
Subject:	Enron EFS issues

Thanks for taking the time to put this PowerPoint presentation together to
better outline the flow. It helps us discuss it internally.

Recently our internal compliance folks have discussed the "give-up risk".
Specifically, what guarantee do we have that the executor's (Enron) FCM will
accept the block trade and get it to the exchange on behalf of our clients?
There is some concern that there might be limits imposed by the FCM due to
issues such as credit and the high volatility of NG.

They have requested we sign a four (or more) party give-up agreement between
Campbell, Enron, your clearing firm(s) and our clearing firm(s).  Is this
the SOP as you envision the NYMEX EFS?  We are at the point where the
specific documentation issues are the main obstacles to moving forward.  If
we buy 1,000 NG from you, how do we know your FCM can guarantee acceptance
of the trade for further give-up?  Your legal feedback is welcome.

Thanks,
CDY


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 - EFS.ppt