---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/30/99 
03:20 PM ---------------------------


VKaminski@aol.com on 12/17/99 07:51:05 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:  
Subject: Fwd: Credit Markets Group Organisational Announcement.






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From: "Vince J Kaminski" <vkamins@ect.enron.com>
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Subject: Credit Markets Group Organisational Announcement.
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---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/17/99 03:58
PM ---------------------------


Anjam Ahmad
12/07/99 09:33 AM

To:   Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Vasant
      Shanbhogue/HOU/ECT@ECT
cc:
Subject:  Credit Markets Group Organisational Announcement.


---------------------- Forwarded by Anjam Ahmad/LON/ECT on 07/12/99 03:32 PM
---------------------------


 (Embedded     Enron Europe
 image moved
 to file:      From:  John Sherriff
 pic31547.pcx) 07/12/99 03:10 PM








Sent by:  Enron Europe General Announcement


To:   ECT Europe, Enron Executive Committee, Jay Fitzgerald/Corp/Enron@ENRON,
      William S Bradford/HOU/ECT@ECT, David Gorte/HOU/ECT@ECT, Monte L
      Gleason/HOU/ECT@ECT, Mark Ruane/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, 
Rick
      L Carson/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Randy
      Petersen/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Grant
      Masson/HOU/ECT@ECT
cc:

Subject:  Credit Markets Group Organisational Announcement.

(Embedded image moved to file: pic16788.pcx)
We are pleased to announce the formation of the Credit Markets Group which is
responsible for developing innovative products to better manage the risk of 
our
internal credit portfolio as well as, looking  for opportunities to provide
third party credit protection.  Initially, we will be making markets in
bankruptcy protection on reference credits which are currently in our 
portfolio
but we expect to add additional credit products and reference credits very
quickly.

The team will utilise EnronOnline as its primary trade execution tool, looking
to quickly build market share by capturing the eyes of our current 
counterparts.
Simultaneously,  we will launch an external web site focused on credit
protection where potential customers will have access to real time prices and
filter on specific reference credits as well as, access to credit models and
research papers on effective credit risk management.  Utilising e-commerce
business principles, we expect to aggressively claim the space for corporate
credit protection.  We expect to make a public announcement about these new
products in late January.

In order to effectively access the global market for credit protection, the
group will be based in London with an initial local desk set up in Houston as
well.  Bryan Seyfried will be transitioning out of RAC, where he was 
responsible
for the Trading Controls and Research teams in Europe, to lead the group and 
he
will report to me.



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