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
----- Forwarded by Sara Shackleton/HOU/ECT on 02/16/2001 06:00 PM -----

	Robert Bruce@ENRON
	Sent by: Robert Bruce@ENRON
	02/12/2001 02:08 PM
		 
		 To: Trena McFarland/NA/Enron@Enron, Darren Maloney/Corp/Enron@ENRON
		 cc: limor.nissan@enron.com, Alan Aronowitz/HOU/ECT@ECT, Sara 
Shackleton/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT
		 Subject: Memorandum on Issues Relating to Exchange Membership


Trena, attached please find a brief memorandum on the referenced subject.  As 
we discussed, this memo outlines the issues in very general terms.  Some of 
the legal concepts touched upon -- e.g., the exact nature of the fiduciary 
relationship between a licensed broker and its customers -- are rather 
complex, and would bear out very involved legal research and analysis in a 
more detailed memorandum.

Mark Taylor has advised me that the legal department's approval of the 
purchase of any exchange membership (clearing or non-clearing)  will require 
the personal approval of Mark Haedicke, the chief legal officer of Enron 
Wholesale Services.

As always, please feel free to call me with any comments or questions.  
Thanks -- Bob


Robert E. Bruce
Senior Counsel
Enron North America Corp.
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com