Jonathan:

The attached document is governed by English law and subject to SFA rules and regulations.  Could you please take a quick look at the SFA provisions and let me know if you have any comments?  The SFA references appear in the following paragraphs of the Terms of Business:

page 2	-	2.2
page 4	-	4.2
page 5	-	7.3
page 10	-	12.5
page 16	-	5.1 (of Part III)
Page 18-	7.9

Also, I'm uncertain of the following:

page 13-	1.2 	Is this "best execution" language alright?
page 17-	7.3	Is the "further assurance" language appropriate for perfection of a security interest in Collateral (in England)?
page 28-	Schedule 3	Are these "LIFFE" terms fairly standard?
Appendix	This Appendix contains provisions for documenting CFD's.  Can't these be documented under an ISDA?

Please let me know if you have any questions.  And, thanks for your generous assistance.

Sara

 -----Original Message-----
From: 	Glover, Sheila  
Sent:	Tuesday, September 18, 2001 8:01 AM
To:	Shackleton, Sara; Heard, Marie
Subject:	FW: Terms of Business

Sara and Marie,
Attached is the Executing Broker agreement with Monument and Credit Lyonnais for ECT Investments Inc.
Please do not hesitate to call if you have any questions.  
Thanks. Sheila

 -----Original Message-----
From: 	Jacqueline Tokley <jtokley@monumentderivatives.com>@ENRON [mailto:IMCEANOTES-Jacqueline+20Tokley+20+3Cjtokley+40monumentderivatives+2Ecom+3E+40ENRON@ENRON.com] 
Sent:	Monday, September 17, 2001 10:58 AM
To:	Glover, Sheila
Subject:	Terms of Business


Further to our conversation we are pleased to attach an E Mail copy of the
Terms of Business in the name of the new entity.
Copies together with a covering letter will be forwarded to you shortly

Regards
Jacqui Tokley <<201543.doc>>  <<201544.doc>>
*************************************************************************
The information in this internet E-mail is confidential and is intended
solely for the addressee. Access, copying or re-use of information in it
by anyone else is unauthorized. Any views or opinions presented are
solely those of the author and do not necessarily represent those of
Monument Derivatives or any of its affiliates. If you are not the
intended recipient please contact  postmaster@monumentderivatives.com
*************************************************************************




 - 201543.doc 
 - 201544.doc