Mark,  

For your views/thoughts...

Thanks

Justin


---------------------- Forwarded by Justin Boyd/LON/ECT on 02/06/99 11:09 
---------------------------


Elena Kapralova
02/06/99 11:03
To: David Port/LON/ECT@ECT, Louise Kitchen/LON/ECT@ECT
cc: Jay Webb/HOU/ECT@ECT, Justin Boyd/LON/ECT@ECT 
Subject: GTCs Related Issues

Clifford Chance prepared a first draft of GTCs for UK traded commodities. 
There are couple general issues emerged from our discussion today that are 
relevant to all commodities:

1. Drafted GTC state that "the transaction shall be deemed executed at the 
time that Enron sends electronic  message of acceptance" later referred as 
Electronic Confirmation to the counterparty and "the parties may also 
complete a written confirmation". "But in the event of any conflict Enron's 
electronic records or paper copies" of them  shall prevail. 

The question (David? Louise?)  is whether it makes sense to continue sending 
written confirmations in this case? I know that the current business 
processes assume that deals done Online, after they hit the Books, are 
processed in the exactly same manner as deals done over the phone. However, 
in case of the online trades when one paper record already exists, additional 
written confirmation may be redundant.(?)

2. As it was decided not to modify Masters on a client by client basis, the 
text on the screen asking to accept GTCs as well as electronically generated 
Confirmation text should say that  the customer accepts that this transaction 
is governed by GTC (available onlie) unless there is a Master Agreement in 
place.

regards,
ek