Why are Average Price Options treated differently--should they not be
treated in the same manner as swaps?
David Blumenthal
Phibro Inc.

-----Original Message-----
From: Kimberly Summe [mailto:KSumme@isda.org]
Sent: Friday, September 14, 2001 10:41 AM
To: Mark Taylor; Mark Haedicke; 'stsven.bunkin@gs.com'; Bob Mancini;
'bernadette.willis@gs.com'; 'james.powell@gs.com';
'philip.levy@chase.com'; 'harold.kamins@morganstanley.com';
'william.mccoy@morganstanley.com'; 'sara.shackleton@enron.com'; Diane
Genova; 'bill.ryan@db.com'; 'eric.vial@elftrading.com';
'david.fairbairn@elftrading.com'; 'mvon@hess.com';
'peter.f.jansen@stasco.com'; 'mark.m.quartermain@stasco.com';
'youngm@phibro.com'; 'john.l.wilson@enron.com';
'john.redpath@americas.bnpparibas.com'; 'david.deveny@bmo.com';
'stephen.smethurst@creditlyonnais.co.uk';
'jonathan.taylor@barclayscapital.com';
'julian.barrowcliffe@bankofamerica.com';
'sarah.l.mcavoy@bankofamerica.com'; 'john.p.emert@bofasecurities.com';
'ron.neal@bankofamerica.com'; 'david.french@bankofamerica.com';
'david.mooney@bankofamerica.com'
Cc: Robert Pickel; Ruth Ainslie; Stacy Carey
Subject: Second Draft Statement
Importance: High


Attached, please find a second draft statement, which I have inserted into
this email, since some of you cannot open attachments.  Please note that a
Statement Section has been added in, followed by an ISDA Methodology
Section.  This latter section is the same you saw in the last draft, except
for the addition of (d).

Please contact me by 12:00 New York Time with any comments you might have.

Kimberly Summe

 <<Commodity Statement.doc>>