Please see response from Craig Young

Justin

---------------------- Forwarded by Justin Boyd/LON/ECT on 24/10/2000 08:58 
---------------------------


Craig Young
23/10/2000 18:03
To: Justin Boyd/LON/ECT@ECT
cc: Alfred Pennisi/NYC/MGUSA@MGUSA, TJ Pimpinelli/NYC/MGUSA@MGUSA 

Subject: Re: Enron Metals  

Enron Trading Services Inc. will be acting as an IB/ FCM/Agent for internal 
and external clients 

EOL
Futures
Swaps

I would anticipate that we will leverage EOL and our client relationships 
across most if not all of the commodities. Many of these commodities have 
historical futures arbitrage between NY and London ---- an arbitrage 
opportunity between markets and clients for Enron

Base Metals
Precious Metals
Energy
Softs

Craig Young





Justin Boyd
10/23/2000 09:29 AM
To: Alfred Pennisi/NYC/MGUSA@MGUSA
cc: Craig Young/NY/ECT@ECT, TJ Pimpinelli/NYC/MGUSA@MGUSA 
Subject: Re: Enron Metals

Al

I would be grateful if you could provide me with responses to Mark Taylor's 
questions.  My e-mail further below should give you further background 
information.

Thanks.
Justin

---------------------- Forwarded by Justin Boyd/LON/ECT on 23/10/2000 15:28 
---------------------------
From: Mark Taylor on 17/10/2000 09:19 CDT
To: Justin Boyd/LON/ECT@ECT
cc: Alan Aronowitz/HOU/ECT@ECT, Janine Juggins/LON/ECT@ECT, Jeffrey T 
Hodge/HOU/ECT@ECT 

Subject: Re: Enron Metals  

Justin:

Do you know what other business MG London Inc. is or anticipates doing with 
these same counterparties?  It may make a difference if they are acting for 
these customers as an FCM.

Mark



	Justin Boyd
	10/16/2000 05:22 AM
		 
		 To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Mark 
Taylor/HOU/ECT@ECT
		 cc: Janine Juggins/LON/ECT@ECT
		 Subject: Enron Metals

Gentlemen, 

I met with Craig Young (MG US) last week, who is keen to progress metals 
business with large US corporates (e.g. Anheuser Busch), on the following 
basis:

o Assume ENA and US Corporate are existing parties to ISDA/Credit Support 
Documents (the "Master").

o ENA and US Corporate would agree to expand range of OTC products to include 
OTC metal derivatives under the Master.  The principals to the metals trades 
would therefore be the US Corporate and ENA.  These trades would however be 
"arranged" by MG London Inc. (an FCM) as "arranger" in the US for ENA.

o Enron Metals Limited (EML) from London would agree to provide metals prices 
to ENA and/or MG London Inc. in the US, and in return receive a commission 
from MG London Inc.

o ENA would back-to-back OTC metals derivatives with EML via an intra-group 
ISDA Master.

Look forward to your views.

Thanks.
Justin