ok- i get curve shape.. but the only plausible reason i see why market totally ignoring cash- staying so high is us (Enron)- still think we are short............
have a great break....

 -----Original Message-----
From: 	Arnold, John  
Sent:	Wednesday, November 21, 2001 9:36 AM
To:	Abramo, Caroline
Subject:	RE: Enron EFS issues

everybody and their mom is short. Plus, a lot of people think the z/f is too wide so either the front needs to go up or the back down.

nope

 -----Original Message-----
From: 	Abramo, Caroline  
Sent:	Wednesday, November 21, 2001 8:32 AM
To:	Arnold, John
Subject:	RE: Enron EFS issues

why are futs still so high?
did you ever find anything about those s+p commodity futures contracts?

 -----Original Message-----
From: 	Arnold, John  
Sent:	Wednesday, November 21, 2001 9:16 AM
To:	Abramo, Caroline
Subject:	RE: Enron EFS issues

full day today because of aga

yea, going home to the Big D

 -----Original Message-----
From: 	Abramo, Caroline  
Sent:	Wednesday, November 21, 2001 7:20 AM
To:	Arnold, John
Subject:	RE: Enron EFS issues

thanks.. do we have early close today?
are you going home for thanksgiving?

 -----Original Message-----
From: 	Arnold, John  
Sent:	Wednesday, November 21, 2001 8:18 AM
To:	Abramo, Caroline
Subject:	RE: Enron EFS issues

Looking into it

 -----Original Message-----
From: 	Abramo, Caroline  
Sent:	Tuesday, November 20, 2001 9:37 AM
To:	Arnold, John
Subject:	FW: Enron EFS issues



 -----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 << File: EFS.ppt >>