Tana-

Could you please forward a draft NDA to Rick Gomes at HSBC.  They are looking at a potential Object Code license or the potential to post their F/X products on EOL.  

				Thanks,  WAX


-----Original Message-----
From: Rick.Gomes@us.hsbc.COM [mailto:Rick.Gomes@us.hsbc.COM]
Sent: Tuesday, October 02, 2001 8:33 PM
To: Wax, Brandon
Subject: Re: Technology


Hi Brandon

I received your message and have been attending an off-site this week
so apologies for the day delay in responding.

We have reviewed a couple of different possibilities which I will describe and
then
based on your needs, we can follow up with the more specific questions.

The simplest and fastest path to take would have us streaming FX quotes to
your site, preferably via RV messsaging. These would be indicative quotes and
could be streamed 24 hours/day. For trading,we could place on the site a button
that would launch
a new HTML window that would in effect be our app that could credit check,
quote,
and autotrade the transaction.

The second path involves integration into your platform. The main issue I see is
the construction
of the price-we would typically tier based on the transaction size and currency.
Our platform
ordinarily requires the user to state the currency pair and amount before we
transmit the quote.
We also have 'brakes' on the system; sanity checks, staleness checks etc that
temporarily
disable autotrading and alert the traders. If the second path is preferred, I
believe we would need
to see if your market manager could handle our requirements or if we need to use
a different
approach. I believe the credit checking portion would not be a difficult hurdle.

The third path is a white labelling type approach where we simply provide Enron
with liquidity,
and Enron uses our price as a wholesale source, adds whatever spreads it would
like, and be
in the middle of the transaction. I understand this would be a business decision
away from
you, but if it is a possibility that would change the technical requirements.

I will give you a call tomorrow afternoon to follow up .

Thanks

Rick Gomes




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