Sara,

As ENA and ECT Investments, Inc., will be the entities where all trades are 
actually booked, I would not think that any new agreements would need to be 
signed between the new "agent" entitiy and any outside vendors (ie, brokers, 
online trading platforms, etc.)  The new entity will never take actual 
ownership of the securities.  Therefore, I would presume that the Instinet 
agreement should just be an addendum to existing documentation.  The 
Posit/ITG agreement will have to be an entirely new agreement because the 
ownership structure of ITG Europe is different than that of the States.  This 
agreement, however, should reflect exactly the same sort of 
structure/language as was used to negotiate the contract between ITG and ENA 
and ECT Investments, Inc. 

Please let me know your thoughts.

Thanks and regards,
John


From: Sara Shackleton on 25/09/2000 08:35 CDT
To: John Greene/LON/ECT@ECT
cc:  

Subject: Instinet and other platforms in the name of ENA or ECT Investments, 
Inc.

John:  Hi, there!  As you are aware of the structuring for tax purposes, 
until the U.K. corporate agent is actuallly formed, there is nothing further 
that I can do.  That formation should happen today or tomorrow.  With the 
actual name and agreements with ENA and ECT Investments, Inc., I can provide 
that information to Instinet and the other trading platforms you are 
interested in transacting on.  Just FYI, the Instinet people are merely 
waiting for the agent agreement in order to proceed. 

Please let me know if you have any further questions.  Sara