Sara,

Please do not have anyone do any work on this aside from the install 
agreement.  I am waiting on a ruling from London's tax group and no trading 
will be done whatsoever until that point.  There is indeed a question as to 
what entity our London activity will be done out of but this is already being 
considered by the correct individuals herre in London.  I am waiting 
anxiously for the ruling on it as it is the only thing holding up my being 
able to start trading.  

The reason I am setting up a desktop in London under existing documents is 
that I want to begin trading as soon as I get the go ahead from tax and 
legal.  In other words, I do not want to get to the point where everyone has 
signed off on the structure only to be held up by technology constraints.  I 
fully expect that additional documentation/agreements will be required once 
we know exactly which entity we will be operating out of and have told 
Instinet (as well as ITG and eventually Autex) this. 

Please let me repeat: no activity will be executed on these systems until we 
get a final ruling from London's tax, legal and regulatory personnel.  Please 
do not have anyone do any additional work aside from signing the agreement 
for the install.

Thanks and regards,
John


From: Sara Shackleton on 08/09/2000 16:46
To: John Greene/LON/ECT@ECT
cc: Stephen H Douglas/HOU/ECT@ECT, Jeff Blumenthal/HOU/ECT@ECT 

Subject: Instinet Corporation

John:  I hear that you are trying to trade in the name of Enron North America 
Corp. while you sit in London.  Althought both ECT Investments, Inc. and 
Enron North America Corp. have agreements with Instinet Corporation, those 
companies are all U.S. companies without any presence in the U.K. (those 
companies do not pay U.K. taxes!)  I have asked the ENA tax lawyers to review 
the implications of your proposed activity.  I will try to speak with you 
Monday before things go too far.  Please provide an immediate response and 
copy the tax lawyers noted above.  Thanks.  Sara