-----Original Message-----
From: Hirsch, Rick
Sent: Tuesday, May 09, 2000 2:25 PM
To: 'Sarah.Shackleton@enron.com'
Cc: 'Greg.Hermans@enron.com'
Subject: FW: Client Info




Here are 6 attachments.? In order of appearance they are

1.? (04)???????????????? Master Netting Agreement
2.? (USCUSTST)??? The Terms of Business Agreement (TOB)
3.? (20)???????????????? LME Guide
4.? (21)???????????????? LME Guidance Letter
5.? (22)?????????????????LME Guidance Letter
6.? (23)??????????????? Payment and Settlement Instructions


The TOB is the standard trading agreement and is the most important.? The
Master Netting Agreement simply
avoids the country by country and state by state possibility of cherry
picking in a default/bankruptcy event. The
3 Guidance letters are LME requirements. Payments are self explanatory.

Again, I think the TOB is a simple document and applies to regular exchange
cleared LME client business.? Not only is it simpler and applicable for this
transaction, but also the regular cleared contracts which are invloved, fall
into PART 30? Exemption of the CFTC. This exemption requires Sogemin to
protect 100% of any resulting client profits by means of an updated bond
(Bankers Trust). This guaranty is only for profits generated by US
companies. The benefit to Enron is that you receive full credit coverage for
your profits, above and beyond the brokers net worth.

I hope this TOB method helps expidite our business. We very much look
forward to showing off our superb price execution for Enron.

Regards,
Richard Hirsch







?
 - 04.StandardTOB&MNA-NonNYjurisdiction.doc
 - USCUSTSTDNOMNA.doc
 - 20.TOBAttachment.doc
 - 21.TOBAttachement.doc
 - 22.TOBAttachmentCov.doc
 - 23.TOBAttAccounts.doc