Mary: 
This is complicated for oil companies.  Mobil Exxon only does hedging.  Shell 
has at least two groups, with one doing mostly hedging and one doing mostly 
trading for profit.  BP Amoco is sort of in between.  It is very clear with 
respect to Cargill and El Paso and Shell -- each should be primary.  The 
companies may be trying to manipulate the rules by having the hedging 
organization send in the application.  
Let me know if you need other info.


Mark



	Mary Cunningham <MCUNNINGHAM@isda.org>
	10/16/2000 09:59 AM
		 
		 To: Mark Haedicke <Mark.E.Haedicke@enron.com>
		 cc: Richard Grove <RGROVE@isda.org>
		 Subject: FW: ISDA Subscriber Membership

This is the response I received from Shell when I requested that they
reapply at the Primary level.

I did tell him that there will be some energy/gas companies in the
Subscriber category who will be asked to move to the Primary category in
2001.  Those were firms that were members before we made the by-law change
to 'solely'.

I am of the thinking that in addition to Cargill, El Paso Energy and TXU
Europe Power, we would also ask BP Amoco and Mobil Exxon to all move to
Primary.  

Any suggestions...

Thanks,
Mary


-----Original Message-----
From: Law, Stuart SF SI-FSTO [mailto:Stuart.F.Law@SI.shell.com] 
Sent: Monday, October 16, 2000 4:51 AM
To: 'Mary Cunningham'
Subject: RE: ISDA Subscriber Membership


Mary,
Thanks for your reply. Unfortunately I have to disagree with the Board of
Directors in this case! We are an end user of derivatives purely for hedging
purposes as part of our asset and liability management. This seems to
specifically exclude us from primary membership according to your website
definition. As I see that BP Amoco and Mobil Exxon are subscriber members,
it would seem strange that Shell would be considered in a different light.
Grateful if you could re submit our application for Subscriber Membership on
this basis.
Many thanks!

Best Regards,

STUART LAW
Stuart Law,
Back Office Manager, Treasury Operations(FSTO)
Shell Finance Services,
Shell Centre,
London,
SE1 7NA

Tel: +44 (0)20 7934 6270
Fax +44 (0)20 7934 6949
E-mail: Stuart.F.Law@si.shell.com
Please note new dialling code for London 020 and new 8 digit number.


-----Original Message-----
From: Mary Cunningham [mailto:MCUNNINGHAM@isda.org]
Sent: 13 October 2000 19:49
To: Law, Stuart SF SI-FSTO
Subject: RE: ISDA Subscriber Membership


Stuart:

I forwarded your membership application to our Board of Directors and they
have indicated to me that Shell International Limited would appropriately
fall under our Primary membership category which is for institutions that
act as dealers in derivatives.  The annual dues would be US $25,000.

The Subscriber category is for end-users of derivatives.  

If you are still interested in joining, you can download the Primary
application form from our website (www.isda.org).

Please let me know if you have any further questions.

Sincerely,
Mary Cunningham

  

-----Original Message-----
From: Law, Stuart SF SI-FSTO [mailto:Stuart.F.Law@SI.shell.com]
Sent: Monday, October 02, 2000 4:59 AM
To: 'mcunningham@isda.org'
Subject: ISDA Subscriber Membership


Dear Ms. Cunningham,
We are hoping to apply for ISDA Subscriber Membership, but cannot find any
mention on your website of the membership fees. Could you please advise what
is the membership fee for Subscriber Membership?
Many thanks!

Best Regards,

STUART LAW
Stuart Law,
Back Office Manager, Treasury Operations(FSTO)
Shell Finance Services,
Shell Centre,
London,
SE1 7NA

Tel: +44 (0)20 7934 6270
Fax +44 (0)20 7934 6949
E-mail: Stuart.F.Law@si.shell.com
Please note new dialling code for London 020 and new 8 digit number.