Ugh.  Where were you - things again got ugly on market disruption (brokers or dealers permitted up to 4 each with no requirement of equal numbers). 

 In the meanwhile, credit annex meeting has been established for Nov.1 at the Marriott on Coronado Island.  Talk to you soon.
Elizabeth Sager
713-853-6349

 -----Original Message-----
From: 	drusso@reliant.com@ENRON [mailto:IMCEANOTES-drusso+40reliant+2Ecom+40ENRON@ENRON.com] 
Sent:	Monday, September 17, 2001 10:22 AM
To:	Sager, Elizabeth
Subject:	Energy Market - ISDA Statement

fyi

This communication is CONFIDENTIAL
and protected by the ATTORNEY-CLIENT
and WORK PRODUCT privileges.


Dede Russo
Senior Attorney
Reliant Energy Law Department
P.O. Box 1384
Houston, TX  77251-1384
1111 Louisiana St., Suite 4300 (77002)
Phone: (713) 207-5240
Fax: (713) 207-0161
E-Mail: drusso@reliant.com

----- Forwarded by Dianne H Russo/TTG/HouInd on 09/17/2001 10:20 AM -----

                    Kimberly Summe
                    <KSumme@isda.o       To:     "'john.greig@aar.com.au'"
                    rg>                   <john.greig@aar.com.au>,
                                          "'s.takahata@aozorabank.co.jp'"
                    09/13/2001            <s.takahata@aozorabank.co.jp>,
                    07:45 PM              "'tshibasaki@asahibank.co.jp'"
                                          <tshibasaki@asahibank.co.jp>,
                                          "'myamamo@asahibank.co.jp'"
                                          <myamamo@asahibank.co.jp>,
                                          "'kyoshida@asahibank.co.jp.'"
                                          <kyoshida@asahibank.co.jp.>,
                                          "'ruth.harper@ashursts.com'"
                                          <ruth.harper@ashursts.com>, "'heasleyt@anz.com'"
                                          <heasleyt@anz.com>, "'murrayr2@anz.com'"
                                          <murrayr2@anz.com>, "'opiel@anz.com'"
                                          <opiel@anz.com>,
                                          "'michael.rodriques@bnpparibas.com'"
                                          <michael.rodriques@bnpparibas.com>,
                                          "'emma.gilkes@bakernet.com'"
                                          <emma.gilkes@bakernet.com>,
                                          "'iona.levine@bakernet.com'"
                                          <iona.levine@bakernet.com>,
                                          "'larenas@banamex.com'" <larenas@banamex.com>,
                                          "'rantch_isquith@bankone.com'"
                                          <rantch_isquith@bankone.com>,
                                          "'ronald.c.brinson@bankofamerica.com'"
                                          <ronald.c.brinson@bankofamerica.com>,
                                          "'david.french@bankofamerica.com'"
                                          <david.french@bankofamerica.com>,
                                          "'kris.greenberg@bankofamerica.com'"
                                          <kris.greenberg@bankofamerica.com>,
                                          "'robert.j.nagy@bankofamerica.com'"
                                          <robert.j.nagy@bankofamerica.com>,
                                          "'Ken.Reeder@bankofamerica.com'"
                                          <Ken.Reeder@bankofamerica.com>,
                                          "'minzhu@bank-of-china.com'"
                                          <minzhu@bank-of-china.com>,
                                          "'ameen.karmally@scotiabank.com'"
                                          <ameen.karmally@scotiabank.com>,
                                          "'hisae_yamasaki@btm.co.jp'"
                                          <hisae_yamasaki@btm.co.jp>,
                                          "'steve.crotch@barcap.com'"
                                          <steve.crotch@barcap.com>,
                                          "'guy.dempsey@barcap.com'"
                                          <guy.dempsey@barcap.com>, "'john.fry@barcap.com'"
                                          <john.fry@barcap.com>,
                                          "'caroline.szatmari@barclayscapital.com'"
                                          <caroline.szatmari@barclayscapital.com>,
                                          "'jay.taylor@barcap.com'"
                                          <jay.taylor@barcap.com>,
                                          "'benoit.devitry@barclayscapital.com'"
                                          <benoit.devitry@barclayscapital.com>,
                                          "'dietmar.huebler@blb.de'"
                                          <dietmar.huebler@blb.de>,
                                          "'marion.sommerkorn@blb.de'"
                                          <marion.sommerkorn@blb.de>,
                                          "'jonathan.ross@bellgully.com'"
                                          <jonathan.ross@bellgully.com>, "'irwinm@bp.com'"
                                          <irwinm@bp.com>, "'mcdermme@bp.com'"
                                          <mcdermme@bp.com>, "'stockwlj@bp.com'"
                                          <stockwlj@bp.com>, "'wannelcd@bp.com'"
                                          <wannelcd@bp.com>, "'john.pearson@cibc.ca'"
                                          <john.pearson@cibc.ca>,
                                          "'wendy.rogers@cibc.co.uk'"
                                          <wendy.rogers@cibc.co.uk>, "'ayp@cmck.com'"
                                          <ayp@cmck.com>, "'nick.perry@caminus.com'"
                                          <nick.perry@caminus.com>,
                                          "'agnes.foy@capclear.com'"
                                          <agnes.foy@capclear.com>,
                                          "'linda_lane@cargill.com'"
                                          <linda_lane@cargill.com>,
                                          "'annamaria.beissel@chase.com'"
                                          <annamaria.beissel@chase.com>,
                                          "'leo.lai@chase.com'" <leo.lai@chase.com>,
                                          "'anne.marie.sullivan@chase.com'"
                                          <anne.marie.sullivan@chase.com>,
                                          "'blake.titrud@chase.com'"
                                          <blake.titrud@chase.com>,
                                          "'drew.berman@citicorp.com'"
                                          <drew.berman@citicorp.com>,
                                          "'steven.t.ciampi@ssmb.com'"
                                          <steven.t.ciampi@ssmb.com>,
                                          "'steven.j.keltz@ssmb.com'"
                                          <steven.j.keltz@ssmb.com>, "'mdayan@cgsh.com'"
                                          <mdayan@cgsh.com>, "'kilmonen@cgsh.com'"
                                          <kilmonen@cgsh.com>,
                                          "'paul.avanzato@cliffordchance.com'"
                                          <paul.avanzato@cliffordchance.com>,
                                          "'marc.benzler@cliffordchance.com'"
                                          <marc.benzler@cliffordchance.com>,
                                          "'michael.cieslarczyk@cliffordchance.com'"
                                          <michael.cieslarczyk@cliffordchance.com>,
                                          "'carrie.fleming@cliffordchance.com'"
                                          <carrie.fleming@cliffordchance.com>,
                                          "'lynn.johanson@cliffordchance.com'"
                                          <lynn.johanson@cliffordchance.com>,
                                          "'nick.o'neill@cliffordchance.com'"
                                          <nick.o'neill@cliffordchance.com>,
                                          "'tim.plews@cliffordchance.com'"
                                          <tim.plews@cliffordchance.com>,
                                          "'peter.scherer@cliffordchance.com'"
                                          <peter.scherer@cliffordchance.com>,
                                          "'christian.voit@cliffordchance.com'"
                                          <christian.voit@cliffordchance.com>,
                                          "'david.yeres@cliffordchance.com'"
                                          <david.yeres@cliffordchance.com>,
                                          "'stephen.hewitt@clyde.co.uk'"
                                          <stephen.hewitt@clyde.co.uk>,
                                          "'bugge@cba.com.au'" <bugge@cba.com.au>,
                                          "'macagnka@cba.com.au'" <macagnka@cba.com.au>,
                                          "'pjeanne@us.ca-indosuez.com'"
                                          <pjeanne@us.ca-indosuez.com>,
                                          "'praimondi@carrfut.com'"
                                          <praimondi@carrfut.com>,
                                          "'christine.knight@csfb.com'"
                                          <christine.knight@csfb.com>,
                                          "'diana.mead@csfb.com'" <diana.mead@csfb.com>,
                                          "'caroline.netange@csfb.com'"
                                          <caroline.netange@csfb.com>,
                                          "'masataka.mori@daiwasmbc.co.jp'"
                                          <masataka.mori@daiwasmbc.co.jp>,
                                          "'richard.kortright@dpw.com'"
                                          <richard.kortright@dpw.com>,
                                          "'morten.jakobsen@dnb.no'"
                                          <morten.jakobsen@dnb.no>,
                                          "'jxc@dentonwildesapte.com'"
                                          <jxc@dentonwildesapte.com>,
                                          "'rfjf@dentonwildesappte.com'"
                                          <rfjf@dentonwildesappte.com>,
                                          "'bh@dentonwildesapte.com'"
                                          <bh@dentonwildesapte.com>,
                                          "'rmp@dentonwildesapte.com'"
                                          <rmp@dentonwildesapte.com>,
                                          "'alessandro.cocco@db.com'"
                                          <alessandro.cocco@db.com>,
                                          "'silke.eiserbeck@db.com'"
                                          <silke.eiserbeck@db.com>, "'YUKA.OKUNO@DB.COM'"
                                          <YUKA.OKUNO@DB.COM>, "'cosette.reczek@db.com'"
                                          <cosette.reczek@db.com>, "'bill.ryan@db.com'"
                                          <bill.ryan@db.com>,
                                          "'lklein@deweyballantine.com'"
                                          <lklein@deweyballantine.com>,
                                          "'chandraleka.bhargavan@drkw.com'"
                                          <chandraleka.bhargavan@drkw.com>,
                                          "'markus.huewener@drkw.com'"
                                          <markus.huewener@drkw.com>,
                                          "'georg.neuhold@dresdner-bank.com'"
                                          <georg.neuhold@dresdner-bank.com>,
                                          "'erich.pohl@drkw.com'" <erich.pohl@drkw.com>,
                                          "'HansHenning.Rathjen@drkw.com'"
                                          <HansHenning.Rathjen@drkw.com>,
                                          "'aeabbott@duke-energy.com'"
                                          <aeabbott@duke-energy.com>,
                                          "'rsbaker@duke-energy.com'"
                                          <rsbaker@duke-energy.com>,
                                          "'svickers@duke-energy.com'"
                                          <svickers@duke-energy.com>,
                                          "'irfana.malik@elpaso.com'"                       
                                          <irfana.malik@elpaso.com>,
                                          "'sheila.nagel@elpaso.com'"
                                          <sheila.nagel@elpaso.com>,
                                          "'marie.wagner@elpaso.com'"
                                          <marie.wagner@elpaso.com>,
                                          "'elisabeth-anne.bertin@edf.fr'"
                                          <elisabeth-anne.bertin@edf.fr>,
                                          "'david.fairbairn@elftrading.com'"
                                          <david.fairbairn@elftrading.com>,
                                          "'anthony.redstone@elftrading.com'"
                                          <anthony.redstone@elftrading.com>, Mark Haedicke
                                          <Mark.E.Haedicke@enron.com>,
                                          "'lkitchen@enron.co.uk'" <lkitchen@enron.co.uk>,
                                          "'jane.mcbride@enron.com'"
                                          <jane.mcbride@enron.com>,
                                          "'elizabeth.sager@enron.com'"
                                          <elizabeth.sager@enron.com>,
                                          "'paul.simons@enron.com'"
                                          <paul.simons@enron.com>, Mark Taylor
                                          <mark.taylor@enron.com>,
                                          "'elaine.whiting@enron.com'"
                                          <elaine.whiting@enron.com>,
                                          "'craig.young@enron.com'"
                                          <craig.young@enron.com>, "'awinckler@uk.ey.com'"
                                          <awinckler@uk.ey.com>, "'ucs@ffwlaw.com'"
                                          <ucs@ffwlaw.com>, "'shitara@finsgate-tech.co.jp'"
                                          <shitara@finsgate-tech.co.jp>,
                                          "'steven.gray@funb.com'" <steven.gray@funb.com>,
                                          "'andy.stuart@rmb.co.za'"
                                          <andy.stuart@rmb.co.za>,
                                          "'karen.nicholls@framesoft.com'"
                                          <karen.nicholls@framesoft.com>,
                                          "'cgeorgi@genre.com'" <cgeorgi@genre.com>,
                                          "'acf@gide.fr'" <acf@gide.fr>,
                                          "'duhamel@gide.fr'" <duhamel@gide.fr>,
                                          "'tricia.bowden@gs.com'" <tricia.bowden@gs.com>,
                                          "'STEVEN.BUNKIN@GS.COM'" <STEVEN.BUNKIN@GS.COM>,
                                          "'nikiforos.mathews@gs.com'"
                                          <nikiforos.mathews@gs.com>,
                                          "'jolie.norris@gs.com'" <jolie.norris@gs.com>,
                                          "'brian.peyton@gs.com'" <brian.peyton@gs.com>,
                                          "'STANLEY.PRESTON@GS.COM'"
                                          <STANLEY.PRESTON@GS.COM>, "'keir.prince@gs.com'"
                                          <keir.prince@gs.com>,
                                          "'bernadette.willis@gs.com'"
                                          <bernadette.willis@gs.com>,
                                          "'michael.j.egelhof@us.hsbc.com'"
                                          <michael.j.egelhof@us.hsbc.com>,
                                          "'byron.rennick@us.hsbc.com'"
                                          <byron.rennick@us.hsbc.com>,
                                          "'hans.koning@ingbank.com'"
                                          <hans.koning@ingbank.com>,
                                          "'mark.saunders@ing-barings.com'"
                                          <mark.saunders@ing-barings.com>, Susan Hinko
                                          <susan.hinko@icorbroker.com>, Teruo Tanaka
                                          <teruo.tanaka@ibjbank.co.jp>,
                                          "'ajain@worldbank.org'" <ajain@worldbank.org>,
                                          "'leandro@iadb.org'" <leandro@iadb.org>,
                                          "'GIOVANNIG@iadb.org'" <GIOVANNIG@iadb.org>,
                                          Nellie Lim <NLim@isda.org>, Angela Papesch
                                          <APapesch@isda.org>, "'mossanna@bci.it'"
                                          <mossanna@bci.it>, "'seema_bal@ipicorp.com'"
                                          <seema_bal@ipicorp.com>, "'bonni@ipicorp.com'"
                                          <bonni@ipicorp.com>, "'ptrollip@investec.co.za'"
                                          <ptrollip@investec.co.za>,
                                          "'wfhenze@jonesday.com'" <wfhenze@jonesday.com>,
                                          "'tloshkajian@jonesday.com'"
                                          <tloshkajian@jonesday.com>,
                                          "'haugaard@jyskebank.dk'"
                                          <haugaard@jyskebank.dk>, "'azaim@kpmg.com'"
                                          <azaim@kpmg.com>, "'daniel.bryant@keyport.com'"
                                          <daniel.bryant@keyport.com>,
                                          "'atrapp@sachsenlb.de'" <atrapp@sachsenlb.de>,
                                          "'christian.bettley@linklaters.com'"
                                          <christian.bettley@linklaters.com>,
                                          "'heather.pilley@linklaters.com'"
                                          <heather.pilley@linklaters.com>,
                                          "'bindu_rav@londex.com'" <bindu_rav@londex.com>,
                                          "'laurence.garside@lovells.com'"
                                          <laurence.garside@lovells.com>,
                                          "'chris.owen@lovells.com'"
                                          <chris.owen@lovells.com>,
                                          "'rajiv.raval@lovells.com'"
                                          <rajiv.raval@lovells.com>,
                                          "'martin.james@msj.com.au'"
                                          <martin.james@msj.com.au>,
                                          "'jchin@mayerbrown.com'" <jchin@mayerbrown.com>,
                                          "'judith.lawless@mccannfitzgerald.ie'"
                                          <judith.lawless@mccannfitzgerald.ie>,
                                          "'patricia_north@ml.com'"
                                          <patricia_north@ml.com>, "'esanford@milbank.com'"
                                          <esanford@milbank.com>,
                                          "'masahiro.ono@mitsuimarine.co.jp'"
                                          <masahiro.ono@mitsuimarine.co.jp>,
                                          "'wani@mywm.co.jp'" <wani@mywm.co.jp>,
                                          "'JMARON@MONEYLINE.COM'" <JMARON@MONEYLINE.COM>,
                                          "'tim.arcedeckne-butler@msdw.com'"
                                          <tim.arcedeckne-butler@msdw.com>,
                                          "'mary.ellen.semmelhaack@msdw.com'"
                                          <mary.ellen.semmelhaack@msdw.com>,
                                          "'fiona.smith@morganstanley.com'"
                                          <fiona.smith@morganstanley.com>,
                                          "'ujahn@morganlewis.com'"
                                          <ujahn@morganlewis.com>,
                                          "'niels.kjaer@nordea.com'"
                                          <niels.kjaer@nordea.com>,
                                          "'janne.saarikko@nordea.com'"
                                          <janne.saarikko@nordea.com>,
                                          "'paivi.toivari@merita.fi'"
                                          <paivi.toivari@merita.fi>,
                                          "'ayumisase@nochubank.or.jp'"
                                          <ayumisase@nochubank.or.jp>,
                                          "'t-utsumi@nochubank.or.jp'"
                                          <t-utsumi@nochubank.or.jp>,
                                          "'hendersonsk@nortonrose.com'"
                                          <hendersonsk@nortonrose.com>,
                                          "'iversena@nortonrose.com'"
                                          <iversena@nortonrose.com>,
                                          "'amassobrio@ogilvyrenault.com'"
                                          <amassobrio@ogilvyrenault.com>,
                                          "'s.freitag@opg.com'" <s.freitag@opg.com>,
                                          "'gwen.kelly@pseg.com'" <gwen.kelly@pseg.com>,
                                          "'edward.kim@pseg.com'" <edward.kim@pseg.com>,
                                          "'shawn.leyden@pseg.com'"
                                          <shawn.leyden@pseg.com>,
                                          "'cindy.midura@pseg.com'"
                                          <cindy.midura@pseg.com>,
                                          "'bradford.radimer@pseg.com'"
                                          <bradford.radimer@pseg.com>, "Steven R.
                                          Teitelman" <steven.teitelman@pseg.com>,
                                          "'tassop@pacfor.com'" <tassop@pacfor.com>,
                                          "'faprado@pinheironeto.com.br'"
                                          <faprado@pinheironeto.com.br>,
                                          "'ncrist@prebon.com'" <ncrist@prebon.com>,
                                          "'okadas@prebon.co.jp'" <okadas@prebon.co.jp>,
                                          "'ishikawa@prebon.co.jp'"
                                          <ishikawa@prebon.co.jp>,
                                          "'john.finnerty@us.pwcglobal.com'"
                                          <john.finnerty@us.pwcglobal.com>,
                                          "'anastasia.joyce@us.pwcglobal.com'"
                                          <anastasia.joyce@us.pwcglobal.com>, Juan Pujadas
                                          <juan.pujadas@us.pwcglobal.com>,
                                          "'long@ppllc.com'" <long@ppllc.com>,
                                          "'Scott_L_Diamond@prusec.com'"
                                          <Scott_L_Diamond@prusec.com>,
                                          "'christophe.chassard@rwetrading.com'"
                                          <christophe.chassard@rwetrading.com>,
                                          "'rita.pearson-schwandt@rwetrading.com'"
                                          <rita.pearson-schwandt@rwetrading.com>,
                                          "'gavin_lee@reech.com'" <gavin_lee@reech.com>,
                                          "'Fbentoumi@reliantenergy.nl'"
                                          <Fbentoumi@reliantenergy.nl>,
                                          "'pcastanon@reliantenergy.nl'"
                                          <pcastanon@reliantenergy.nl>,
                                          "'sheryl_gussett@reliantenergy.com'"
                                          <sheryl_gussett@reliantenergy.com>,
                                          "'wade_a_hoefling@reliantenergy.com'"
                                          <wade_a_hoefling@reliantenergy.com>,
                                          "'drusso@reliantenergy.com'"
                                          <drusso@reliantenergy.com>,
                                          "'msaul@reliantenergy.com'"
                                          <msaul@reliantenergy.com>,
                                          "'candace.barrett@royalbank.com'"                 
                                          <candace.barrett@royalbank.com>,
                                          "'tracy.ross@royalbank.com'"
                                          <tracy.ross@royalbank.com>,
                                          "'gloria.austin@rbos.com'"
                                          <gloria.austin@rbos.com>,
                                          "'trish.cooper@rbos.com'"
                                          <trish.cooper@rbos.com>, "'liz.goodman@rbos.com'"
                                          <liz.goodman@rbos.com>, "'uzo.onwere@rbos.com'"
                                          <uzo.onwere@rbos.com>,
                                          "'alberto.ruano@sjberwin.com'"
                                          <alberto.ruano@sjberwin.com>,
                                          "'annette.hoener@oppenheim.de'"
                                          <annette.hoener@oppenheim.de>,
                                          "'takashi_seike@sanwabank.co.jp'"
                                          <takashi_seike@sanwabank.co.jp>,
                                          "'ttakino@sanwaint.com'" <ttakino@sanwaint.com>,
                                          "'yasufumi.shimada@shinseibank.com'"
                                          <yasufumi.shimada@shinseibank.com>,
                                          "'mgreenberg@sidley.com'"
                                          <mgreenberg@sidley.com>,
                                          "'tom.hunter@simmons-simmons.com'"
                                          <tom.hunter@simmons-simmons.com>,
                                          "'ned.swan@simmons-simmons.com'"
                                          <ned.swan@simmons-simmons.com>,
                                          "'olofmyhrman@seb.se'" <olofmyhrman@seb.se>,
                                          "'barbro.skog@seb.se'" <barbro.skog@seb.se>,
                                          "'katarina.telhammar@seb.se'"
                                          <katarina.telhammar@seb.se>,
                                          "'anna.lawry@slaughterandmay.com'"
                                          <anna.lawry@slaughterandmay.com>,
                                          "'sanjevwks@slaughtermay.com'"
                                          <sanjevwks@slaughtermay.com>,
                                          "'gareth.williams@socgen.com'"
                                          <gareth.williams@socgen.com>,
                                          "'makim@scmb.co.za'" <makim@scmb.co.za>,
                                          "'mgrottenthaler@tor.stikeman.com'"
                                          <mgrottenthaler@tor.stikeman.com>,
                                          "'wscott@tor.stikeman.com'"
                                          <wscott@tor.stikeman.com>, "Mark N. Rae"
                                          <mrae@stroock.com>, "'james_baker@summithq.com'"
                                          <james_baker@summithq.com>,
                                          "'henry.bonner@risk.sungard.com'"
                                          <henry.bonner@risk.sungard.com>,
                                          "'jcain@sablaw.com'" <jcain@sablaw.com>,
                                          "'wdavis@sablaw.com'" <wdavis@sablaw.com>,
                                          "'masaaki_katsuyama@swissre.com'"
                                          <masaaki_katsuyama@swissre.com>,
                                          "'chasbarrett@csi.com'" <chasbarrett@csi.com>,
                                          "'jon.ibbotson@txu-europe.com'"
                                          <jon.ibbotson@txu-europe.com>,
                                          "'william.finn@tdsecurities.com'"
                                          <william.finn@tdsecurities.com>,
                                          "'peter.verbiest@tractebel.com'"
                                          <peter.verbiest@tractebel.com>,
                                          "'williej@transnet.co.za'"
                                          <williej@transnet.co.za>,
                                          "'john.varholy@troutmansanders.com'"
                                          <john.varholy@troutmansanders.com>,
                                          "'edward.murray@sales.vattenfall.se'"
                                          <edward.murray@sales.vattenfall.se>,
                                          "'claude.unge@legal.vattenfall.se'"
                                          <claude.unge@legal.vattenfall.se>,
                                          "'dbf@vitol.com'" <dbf@vitol.com>,
                                          "'kelly.johnson@wellsfargo.com'"
                                          <kelly.johnson@wellsfargo.com>,
                                          "'carsten_roemmer-collmann@westlb.de'"
                                          <carsten_roemmer-collmann@westlb.de>,
                                          "'miller@newyork.whitecase.com'"
                                          <miller@newyork.whitecase.com>,
                                          "'araspe@elementre.com'" <araspe@elementre.com>,
                                          "'KYoshida037943@po.yasuda.co.jp'"
                                          <KYoshida037943@po.yasuda.co.jp>,
                                          "'asa.engstrom@se.abb.com'"
                                          <asa.engstrom@se.abb.com>, Douglas
                                          Bongartz-Renaud
                                          <douglas.bongartz-renaud@nl.abnamro.com>,
                                          "'labrams@aigi.com'" <labrams@aigi.com>,
                                          "'dbruning@aigi.com'" <dbruning@aigi.com>,
                                          "'mcassidy@aigi.com'" <mcassidy@aigi.com>,
                                          "'bmorgen@aigi.com'" <bmorgen@aigi.com>,
                                          "'splatel@aigi.com'" <splatel@aigi.com>,
                                          "'jschwab@aigi.com'" <jschwab@aigi.com>,
                                          "'eldon.pethybridge@centrica.co.uk'"
                                          <eldon.pethybridge@centrica.co.uk>, "Robert M.
                                          Coors" <bcoors@aceguarantyre.com>,
                                          "'mgribin@aceguarantyre.com'"
                                          <mgribin@aceguarantyre.com>,
                                          "'erothman@aceguarantyre.com'"
                                          <erothman@aceguarantyre.com>,
                                          "'john.berry@allenovery.com'"
                                          <john.berry@allenovery.com>,
                                          "'goldenj@allenovery.com'"
                                          <goldenj@allenovery.com>,
                                          "'northwan@allenovery.com'"
                                          <northwan@allenovery.com>,
                                          "'quentin.pak@allenovery.com'"
                                          <quentin.pak@allenovery.com>,
                                          "'niharika.patel@allenovery.com'"
                                          <niharika.patel@allenovery.com>,
                                          "'richard.tredgett@allenovery.com'"
                                          <richard.tredgett@allenovery.com>,
                                          "'thomas.werlen@allenovery.com'"
                                          <thomas.werlen@allenovery.com>,
                                          "'sara.shackleton@enron.com'"
                                          <sara.shackleton@enron.com>,
                                          "'philip.levy@chase.com'"
                                          <philip.levy@chase.com>,
                                          "'julian.barrowcliffe@bankofamerica.com'"
                                          <julian.barrowcliffe@bankofamerica.com>,
                                          "'bob.moore@bmo.com'" <bob.moore@bmo.com>,
                                          "'harold.kamins@morganstanley.com'"
                                          <harold.kamins@morganstanley.com>,
                                          "'jonathan.taylor@barclayscapital.com'"
                                          <jonathan.taylor@barclayscapital.com>,
                                          "'ken.jarrett@chase.com'"
                                          <ken.jarrett@chase.com>, "'david.deveny@bmo.com'"
                                          <david.deveny@bmo.com>, "'isabelle.ealet@gs.com'"
                                          <isabelle.ealet@gs.com>,
                                          "'john.redpath@americas.bnpparibas.com'"
                                          <john.redpath@americas.bnpparibas.com>,
                                          "'youngm@phibro.com'" <youngm@phibro.com>,
                                          "'john.l.wilson@enron.com'"
                                          <john.l.wilson@enron.com>,
                                          "'eric.vial@elftrading.com'"
                                          <eric.vial@elftrading.com>, "'mvon@hess.com'"
                                          <mvon@hess.com>,
                                          "'mark.m.quartermain@stasco.com'"
                                          <mark.m.quartermain@stasco.com>,
                                          "'sarah.l.mcavoy@bankofamerica.com'"
                                          <sarah.l.mcavoy@bankofamerica.com>,
                                          "'john.p.emert@bofasecurities.com'"
                                          <john.p.emert@bofasecurities.com>,
                                          "'ron.neal@bankofamerica.com'"
                                          <ron.neal@bankofamerica.com>,
                                          "'david.french@bankofamerica.com'"
                                          <david.french@bankofamerica.com>,
                                          "'david.mooney@bankofamerica.com'"
                                          <david.mooney@bankofamerica.com>,
                                          "'stephen.smethurst@creditlyonnais.co.uk'"
                                          <stephen.smethurst@creditlyonnais.co.uk>,
                                          "'william.mccoy@morganstanley.com'"
                                          <william.mccoy@morganstanley.com>
                                         cc:     Robert Pickel <RPICKEL@isda.org>, Jeff
                                          Golden <jeffrey.golden@allenovery.com>, Stacy
                                          Carey <SCAREY@ISDA.ORG>, Ruth Ainslie
                                          <RAinslie@isda.org>, Diane Genova
                                          <genova_diane@jpmorgan.com>
                                         Subject:     Energy Market - ISDA Statement





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>>


(See attached file: Commodity Statement.doc)

 - Commodity Statement.doc << File: Commodity Statement.doc >>