Carol:  Haven't you been speaking with the confirm desk about identifying 
high volume transactions with "masterless" counterparties?  I don't want to 
duplicate work efforts.  Maybe you and I can chat during the time originally 
set aside for Richard (this morning).  Thanks.  Sara 
----- Forwarded by Sara Shackleton/HOU/ECT on 05/24/2000 08:12 AM -----

	Tanya Rohauer
	05/23/2000 05:44 PM
		
		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Rod Nelson/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT
		 Subject: Re: Various "Morgan Stanley" master agreements

Definitely want to upgrade #1 - its on my list of ISDA upgrades as follows:

Done:  TXU, JAron
In Progress:  El Paso, Occidental, Reliant
To Do:  Morgan Stanley, Dynegy, Statoil, Vitol, Valero, Sempra

Can your dept provide a breakdown of type of executed masters? There are (as 
of today) 423 masters - can we break out which ones are old ECT masters?  
That may give us some insight in to any others that need upgrades.  Also, the 
confirm desk should be able to tell us the level of activity (as they did 
before) to determine priority.  Eventually, we would like to get to all of 
these; however, establishing new documents where we have none (Cargill, 
Mieco, Idacorp, PanCanadian) is my first priority.

Rod should be able to address #3.

Thanks,
Tanya




From: Sara Shackleton on 05/17/2000 08:48 AM
To: Rod Nelson/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT
cc: William S Bradford/HOU/ECT@ECT 
Subject: Various "Morgan Stanley" master agreements

As a result of Jeff Nogid's request, here is a recap of the Morgan Stanley 
situation:

(1)  Morgan Stanley Capital Group Inc.
 This is the entity for commodity trading.
 (i)  ECT has a Master Energy Price Swap Agreement dated 6/16/92
 (ii)  ECTRIC has an ISDA dated 3/2/99, but eff. 8/27/97

(2)  Morgan Stanley Capital Services Inc.
 Jeff Nogid requesting new master for fixed income transactions

(3)  Morgan Stanley International Limited
 This is the entity for equity trading.  Will Nogid or Kinneman ever need 
this one?

Each of these companies has a different lawyer to negotiate the agreement.

Each Morgan Stanley entity might require a separate guaranty.  Anne Clark in 
legal (Cap Services) will let me know.

I will put (2) in place.  Do you want to pursue upgrading (1)(i) or 
addressing (3)?  Please let me know.  Thanks.  Sara