Tana,

I am helping to market EnronOnline here in the Far East and Matt Lee has sent 
me this e-mail regarding your question.  I wanted to clarify with you that to 
the best of my knowledge, we are not marketing/trading weather and credit on 
EnronOnline here in Singapore.  Currently, we are only trading oil and 
refined products along with metals (See Kelvin Wong in our office) on 
EnronOnline.  

Have you heard of some interest in trading both weather and credit?  I just 
wanted to find out from you.  We have been trading financial products online 
here in Singapore since May of this year.  Also, typically all of the 
EnronOnline credit/legal/administrative review happens out of London.  I'm 
trying to figure out what Houston's role is in the process.

Please let me know when you get a chance.

Thanks,

Pat Markey
Enron Capital & Trade Resources - Singapore
Phone: 65-838-9023
E-mail: Patrick.Markey@enron.com

---------------------- Forwarded by Patrick Markey/HOU/ECT on 11/30/2000 
09:26 AM ---------------------------


Matthias Lee
11/30/2000 09:19 AM
To: Patrick Markey/HOU/ECT@ECT
cc: Matthias Lee/SIN/ECT@ECT, Angeline Poon/SIN/ECT@ECT 
Subject: Re: EnronOnline-Singapore Counterparties

Pat

This message is a little curious seeing that we have Singapore incorporated 
counterparties trading financials online (both oil and metals). What is your 
current process of counterparty approval? Is Tana in Houston involved?

Matt
---------------------- Forwarded by Matthias Lee/SIN/ECT on 11/30/2000 09:14 
AM ---------------------------
From: Tana Jones on 11/29/2000 11:03 PM
To: Matthias Lee/SIN/ECT@ECT
cc:  

Subject: Re: EnronOnline-Singapore Counterparties  

Matt,

 As you may or may not know, I am the liason in Houston between the Online 
Team and Legal, coordinating all responses for counterparty approvals for all 
products.  I am asking because until recently I have not been approving 
Singapore counterparties to trade any financial products.  It has been my 
understanding that there are not problems for any counterparties trading 
physical products.  I can continue my practice of not opening Singapore 
incorporated counterparties to trade financial products online until I get a 
real push from a counterparty that wants to trade financial.  Should that be 
my continuing practice?



	Matthias Lee
	11/28/2000 07:38 PM
		
		 To: Tana Jones/HOU/ECT@ECT
		 cc: Matthias Lee/SIN/ECT@ECT, Angeline Poon/SIN/ECT@ECT
		 Subject: Re: EnronOnline-Singapore Counterparties

Hi Tana

Trust you are well.

OTC derivatives are not regulated in Singapore. The issue is whether a 
particular product type may infringe gaming or insurance regulations. This is 
particularly pertinent to Weather and Credit, for which I would need to 
consult external counsel for definite answers. Is there a new commercial push 
to do so at this time? We haven't any Weather and Credit traders here in 
Singapore.

As for metals, if they are exchange traded futures contracts (eg. London 
Metals Exchange contracts), the trading of gold would be regulated.

There is no category of counterparty that would be particularly problematic. 
Capacity issues would be determined by each company's constitutional 
documents.

Hope this helps.

Regards
Matt  


From: Tana Jones on 11/29/2000 05:42 AM
To: Matthias Lee/SIN/ECT@ECT
cc:  

Subject: EnronOnline-Singapore Counterparties

Matt,

Can you let me know if the following products are approved for trading for 
Singapore counterparties, and what restrictions, if any, they might have 
(like the eligible swap participant rules in the U.S.):

Commodity Derivatives (energy commodity, metals)
Weather Derivatives
Credit Derivatives

Further, would there be any limitation for a Singapore counterparty to trade 
any of the products we offer, physical or financial online?  I am going to 
attach to this one of our recent excel spreadsheets showing all the products 
we trade.

Are there any counterparties that are problematic for derivatives in 
Singapore?  For instance, here in the U.S., we flag governmental entities for 
no trading until we have a master in place, or upfront due diligence required 
before we can approve mutual funds or hedge funds, etc.  



Thanks!