Mark - Treasury just minutes ago sent this compromise language to the CEA 
bill to Gramm's staff.  It is my understanding from Treasury that the swap 
exemption is expanded slightly to say that if you are a trading on a facility 
(MTF)  and you are trading on principle-to-principle basis among eligible 
contract participants you are no longer subject anti-fraud and 
anti-manipulation as contained in Sec. 107 of the House passed legislation. 
This would be good for us.  Ken is in London, so can you take a quick look at 
the attached language and tell me if you concur.

Also, we need to take a look at the new Sec. 4 to see if it causes any 
problems. 

They may cut a deal as early as this afternoon!
 
Thanks - Chris   
----- Forwarded by Chris Long/Corp/Enron on 12/12/2000 11:48 AM -----

	RAISLERK@sullcrom.com
	12/12/2000 11:41 AM
		 
		 To: clong@enron.com
		 cc: 
		 Subject: Fwd: FW: Even more revised title IV


Attached is the package sent by the Ag Committees with Treasury's input to
Sen Gramm today.

-----Original Message-----
From: Gary.Gensler@do.treas.gov [mailto:Gary.Gensler@do.treas.gov]
Sent: Tuesday, December 12, 2000 11:09 AM
To: gdbaker@wms-jen.com
Subject: FW: Even more revised title IV


As discussed.

>  -----Original Message-----
> From:  Stewart, Lawranne  > Sent: Tuesday, December 12, 2000 10:35 AM
> To: Gensler, Gary; 'm1pmp00@frb.gov'; 'rpaul@cftc.gov';
> 'alowenthal@cftc.gov'; 'mcguire@sec.gov'
> Subject: FW: Even more revised title IV
> > > Attached is a revised version of Title IV (including contract 
enforcement
> provisions at section 406), along with an amendment to the definition of
> "tradign facility" to exempt single dealer markets. > >    
<<trdgfac.doc>>   <<TitleIVr.doc>>



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 - trdgfac.doc
 - TitleIVr.doc