Per discussion with David, Theresa and myself this morning, we have agreed 
that the current most effective approach is for Trena/Jeff K. to do the 
executions for London Credit.com and for Equity/Debt Trading to do the 
settlements.

The trades will be executed in the name of London Credit.com.  We need to set 
up a Morgan Stanley account in the name of London Credit.com to facilitate 
settlements.  

We contacted Ketan Parekh, Morgan Stanley, VP, Prime Brokerage, to discuss 
the impact of housing the account in NY vs. Morgan Stanley London.  Ketan 
said that they have many clients that are settling activity from Europe in 
their NY prime brokerage accounts with no problems.  Since the NY and London 
would be different settlement streams and in light of the current anticipated 
activity, we are requesting we open an account in Morgan Stanley NY.  

Sara, David suggested that Paul Simons would be the contact for account 
opening information.

Please do not hesitate to call if questions.
Thanks. Sheila
3-3210