FYI, we need to talk about a presentation in the London office on Chinese 
walls.  Mark
---------------------- Forwarded by Mark E Haedicke/HOU/ECT on 12/08/99 10:10 
AM ---------------------------


Michael R Brown
12/07/99 01:08 PM
To: Mark E Haedicke/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT
cc:  
Subject: Credit Markets Group Organisational Announcement.

FYI
Michael
---------------------- Forwarded by Michael R Brown/LON/ECT on 07/12/99 19:07 
---------------------------
   


	Enron Europe
	
	From:  John Sherriff                           07/12/99 15:10
	

Sent by: Enron Europe General Announcement
To: ECT Europe, Enron Executive Committee, Jay Fitzgerald/Corp/Enron@ENRON, 
William S Bradford/HOU/ECT@ECT, David Gorte/HOU/ECT@ECT, Monte L 
Gleason/HOU/ECT@ECT, Mark Ruane/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Rick L 
Carson/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Randy Petersen/HOU/ECT@ECT, 
William S Bradford/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT
cc:  

Subject: Credit Markets Group Organisational Announcement.


We are pleased to announce the formation of the Credit Markets Group which is 
responsible for developing innovative products to better manage the risk of 
our internal credit portfolio as well as, looking  for opportunities to 
provide third party credit protection.  Initially, we will be making markets 
in bankruptcy protection on reference credits which are currently in our 
portfolio but we expect to add additional credit products and reference 
credits very quickly.

The team will utilise EnronOnline as its primary trade execution tool, 
looking to quickly build market share by capturing the eyes of our current 
counterparts.  Simultaneously,  we will launch an external web site focused 
on credit protection where potential customers will have access to real time 
prices and filter on specific reference credits as well as, access to credit 
models and research papers on effective credit risk management.  Utilising 
e-commerce business principles, we expect to aggressively claim the space for 
corporate credit protection.  We expect to make a public announcement about 
these new products in late January.

In order to effectively access the global market for credit protection, the 
group will be based in London with an initial local desk set up in Houston as 
well.  Bryan Seyfried will be transitioning out of RAC, where he was 
responsible for the Trading Controls and Research teams in Europe, to lead 
the group and he will report to me.