Sara

apologies for the delay in replying but today is my first day back after vacation. The agreement is standard as far as SFA references are concerned. In relation to your specific points:
1. Technically we could insist on best execution but would not normally do so. It is likely that we would have to pay more by way of commission if we were to insist.
2. The "further assurance" language is not as useful as a power of attorney but may prove helpful
3. The standard LIFFE terms are a requirement of the LIFFE rules.
4. The CFDs probably could be documented under an ISDA. It would be worth liaising with Monument's counsel on this point.

Regards.

Jonathan

 -----Original Message-----
From: 	Shackleton, Sara  
Sent:	30 October 2001 15:10
To:	Marsh, Jonathan
Subject:	FW: Terms of Business between ECT Investments, Inc. and Monument Derivatives Limited

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>>
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