Mark:  Please read the attached message.

(1)  Are there any issues with following the "custom" in countries not requiring an executed "executing brokerage agreement"?  Do we need to contact outside counsel in each country?

(2)  I anticipate that I will really need help on the brokerage agreement side.  I cannot keep up now on a "timely" basis.

Gary's world occupies about 50% of my time.
Enron Corp. occupies about 25% of my time.

Thanks.  Sara


 -----Original Message-----
From: 	Brogan, Theresa T.  
Sent:	Monday, September 24, 2001 6:04 PM
To:	Lowry, Donna; Schultz, Cassandra; Bradford, William S.; Shackleton, Sara
Cc:	Hickerson, Gary; Heard, Marie
Subject:	Metzler Capital Markets - Executing broker agreement

To all,
	We have expanded equity trading into the European Markets.  Along with that, you will see an increase of executing broker agreements that specialize in foreign equities.  We plan on executing a broker agreement with Metzler Capital Markets for the purposes of order flow and specialty in Italian equities.  Currently no documentation is required and we would still clear all transactions with our existing Primebrokers, Goldman, Morgan Stanley and Bear Stearns.  In addition, Metzler clears their transactions through Paribas Milan.  

Thanks,
Theresa