Bob,

Further to your last e-mail,  just to let you know that I have ordered form 
Derek Oliver at the Exchange the package of documents which we shall need to 
sign so that:

ECTRI becomes a proprietary trader member on the Exchange

ECTRIC's orders are placed onto the exchange via EEFT in London (although 
EEFT does not become in any capacity a member on the Exchange).

As soon as I get them I'll start to check them over.

Derek Oliver at the Exchange needs some clarification as to whether we just 
want Steve Kim to be able to place orders onto the Exchange - or whether we 
want some back-ups (e.g., Martin,Tom, Fraser, etc).  If you could let me 
know, I would be very grateful.

Furthermore, please just confirm that you want E.D. & F Mann to be the 
clearer.

Finally, Re the implementation of appropriate trading software in London, 
Derek Oliver has said that he is happy for this to be in EEFT's name (hence 
avoiding any chance of ECTRIC having to own this in London and hence avoid 
any spectre of ECTRIC having, on this account, a "permanent establishment" in 
London for tax purposes).  Whomever you will appoint from the commercial team 
to liaise with London IT on the implementation of the software package will 
need to speak to me urgently before they do anything.

Kind regards

Mark