Thanks for the update.  I think it shows how starved for new products these 
exchanges are.  I'm not a fan of teaming up with these kinds of entities.  
It's unclear what they bring, and how does this help us?  what do you think?

Jeff




Thor Lien
11/24/2000 01:16 AM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:  
Subject: Weather: meeting with HEX

Jeff

We have had some meetings with the Helsinki Stock Exchange, and they are very 
eager to link to us on Weather.
What's your general opinion about linking EOL to other Exchanges when it 
comes to Weather contracts?


Thor 
---------------------- Forwarded by Thor Lien/OSL/ECT on 24/11/2000 08:11 
---------------------------


Sami Tenngren
16/11/2000 15:31
To: Thor Lien/OSL/ECT@ECT, Bjarne Schieldrop/OSL/ECT@ECT
cc: Preben Richter/OSL/ECT@ECT 

Subject: Weather: meeting with HEX

Meeting with the Helsinki Stock Exchange (HEX) went well and the future 
opportunities for both parties were discussed. They were very eager to list 
HDD swaps (and options at the Exchange) and this should be done by this 
coming spring. 

Below some bullet points from the meeting:

"deadline is spring
Enron as one of the market makers
They would need our help in formulating the product descriptions for the 
local authorities in Finland
They are looking at listing a few points in Finland to start with and then 
maybe adding other Nordic / European points 
They will provide clearing services for the products 
They will also market the products and give training to institutions as well 
as private investors/hedgers


Next steps:

They will contact other players regarding the weather derivatives. However, 
it seems that they see us as "the one" in this market and therefore would 
like us to help them out in the beginning. 

They will get back to us during this month to give us an update and outline 
the future process in more detail.

How do you feel about this? Are we interested in becoming a market maker? 
I feel that it would a great opportunity for us i.e. increased liquidity and 
they would do most of the marketing and training. They are also in a co-op 
with Eurex, which could open more doors for us in the continental market.


--------------
They have also to some extent investigated the possibility to list Real 
Estate derivatives at the Exchange. The way to do this would be to construct 
an index based on the closed deals in the real estate market. There could be 
separate indeces for the different part of the country or just one common 
one. Is this something we could do as well?? It would be a good instrument 
for institutions with large real estate portfolios as well as private 
investors (those saving for a house or the ones owning real estate).