Travis, Mark,

Please see below advice regarding paper swaps with Czech C/Ps.  However, this 
advice applies to all OTC derivatives trades whatever the underlying 
commodity.  We will need to keep a close eye on the new law (expected to come 
into force January 2001) to determine whether we will need to be separately 
licenced.

Regards

Justin

---------------------- Forwarded by Justin Boyd/LON/ECT on 03/08/2000 07:34 
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