Fred, as a follow-up to our telephone conversation, we would like to launch 
some new products on EnronOnline -- swaps on coffee, sugar and cocoa (the 
agricultural "softs").  We would like to know if Canadian law presents any 
sort of restrictions or other issues with respect to financially settled 
derivatives on these commodities.  We would like an analysis with respect to 
both swaps and options (however, if timing becomes an issue, we should 
concentrate on swaps, as our offering of swaps is more imminent).

We are looking at rolling out with nine products -- for each of the three 
commodities, there will be a calendar-month swap tied to (i) the New York 
Board of Trade price, (ii) the LIFFE price, and (iii) the spread between the 
two exchange prices.

We would like the results of your analysis by April 27.  Please feel free to 
call me with any comments or questions you may have.  Thank you for your 
assistance with this -- Bob Bruce  


Robert E. Bruce
Senior Counsel
Enron Wholesale Services
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com