From what I have heard, this looks pretty good.  But I wonder if paragraph 1(c) is correct.  Is this what was agreed or should this refer to any spread transaction including a NYMEX, COMEX or Platt's price and another price (whether one of those 3 or not)?  And finally, I don't understand the penultimate paragraph at all but since you guys are closer to the discussions it may make sense to you.  Can you guys confirm this with the traders and report our comments and/or agreement to ISDA?

Thanks!  Mark

 -----Original Message-----
From: 	Kimberly Summe <KSumme@isda.org>@ENRON [mailto:IMCEANOTES-Kimberly+20Summe+20+3CKSumme+40isda+2Eorg+3E+40ENRON@ENRON.com] 
Sent:	Friday, September 14, 2001 1:46 AM
Cc:	Robert Pickel; Jeff Golden; Stacy Carey; Ruth Ainslie; Diane Genova
Subject:	Energy Market - ISDA Statement
Importance:	High

As part of its efforts to assist the markets resolve certain issues arising
out of this week's events, ISDA has been asked to consider the implications
of certain continuing problems with futures exchanges and price source
publications for commodity derivatives.

Attached in the form of a draft statement from ISDA are a series of
proposals that have been made by a number of institutions active in the OTC
commodity derivatives area to resolve pricing difficulties.

We welcome your comments on these proposals.  The purpose of this
distribution is to encourage all participants in the markets for these
products to consider the issues raised and, we hope, to come to some
consensus position that can be reflected in a statement in the style of the
attached draft by ISDA.  Please send any comments to Kimberly Summe
(ksumme@isda.org) as soon as possible on Friday morning.

Please contact me at ISDA at 212-332-1203 if you have any questions.

Kimberly Summe
General Counsel

 <<Commodity Statement.doc>>


 - Commodity Statement.doc