Sara,

Thanks for the update.  I will let everyone know when the financial 
statements arrive.

thanks
brant



 -----Original Message-----
From:  Shackleton, Sara  
Sent: Wednesday, May 16, 2001 9:35 AM
To: Reves, Brant
Subject: FW: Total International Ltd.

Brant:  I am now waiting to hear from Paul Simons in London (legal) about 
London's assessment of ECTRIC's counterparties.


Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 05/16/2001 09:33 AM -----


	Justin Boyd/Enron@EUEnronXGate 05/16/2001 09:24 AM 	   To: Sara 
Shackleton/HOU/ECT@ECT  cc:   Subject: FW: Total International Ltd.


sara

fyi - i am awaiting a rsponse from paul

justin

 -----Original Message-----
From:  Boyd, Justin  
Sent: 16 May 2001 15:09
To: Boyd, Justin
Subject: RE: Total International Ltd.


---------------------- Forwarded by Justin Boyd/LON/ECT on 16/05/2001 15:13 
---------------------------

 << OLE Object: Picture (Device Independent Bitmap) >> 
Justin Boyd
15/05/2001 08:06
To: Paul Maley/LON/ECT@ECT
cc:  

Subject: RE: Total International Ltd.

Paul

it's always been my impression that CRM assesses each C/P to determine 
whether it meets not only the SFA but also the CFTC test....[although it is 
true that in many cases if the SFA test is met so will be the CFTC one

can we chat...

Thanks.
Justin
---------------------- Forwarded by Justin Boyd/LON/ECT on 15/05/2001 08:08 
---------------------------
From: Sara Shackleton on 14/05/2001 18:26 CDT
To: Justin Boyd/LON/ECT@ECT
cc:  

Subject: RE: Total International Ltd.

Justin:

What lawyer handles daily financial trading issues?  I need to speak with 
that person about US swap eligibility rules governing US companies, 
specifically, ECTRIC, and who evaluates ECTRIC's counterparties for 
eligibility.  The specific issue has to do with Total as you will see from 
the string of emails attached.  I look forward to hearing from you.  Thanks.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 05/14/2001 06:22 PM -----



	Brant Reves/ENRON@enronXgate 05/08/2001 02:23 PM 	   To: Sara 
Shackleton/HOU/ECT@ECT  cc: Paul Maley/LON/ECT@ECT  Subject: RE: Total 
International Ltd.



Sara,

ECTRI is a UK registered company.  As a subsidiary of ENA, which is 
registered under US law, can my trader sleave deals through ECTRI to get 
around the eligibiilty issue.  We are working with Total to get a 
confidentiality agreement signed but it is taking awhile and we will not be 
receiving financial statements to evidence eligibility for another three 
weeks.

thanks
brant



 -----Original Message-----
From:  Maley, Paul  
Sent: Tuesday, May 08, 2001 10:56 AM
To: Reves, Brant
Subject: RE: Total International Ltd.

Brant
For SFA purposes as they are ulitmately owned by a quoted company on a 
recognised stock exchange then this is sufficient to sign them off.   I don't 
really know whether this makes them an elligible swap participant for the US 
though.
Paul


From: Brant Reves/ENRON@enronXgate on 07/05/2001 09:59 CDT
To: Paul Maley/LON/ECT@ECT
cc:  

Subject: RE: Total International Ltd.

I am not quite sure I understand.  Does SFA requirements mean you have a 
guaranty, financial statements, or other material that establishes them as an 
eligible derivative customer.  One of our marketers continues to try and 
trade with them and I still don't fully understand how they are open in 
London.  Does meeting SFA requirements establish this customer as an eligible 
counterparty under US statutes?

brant

 -----Original Message-----
From:  Maley, Paul  
Sent: Friday, May 04, 2001 7:53 AM
To: Reves, Brant
Cc: Jackson, Lee; Shackleton, Sara
Subject: Re: Total International Ltd.

Brant
We have passed them for SFA requirements in London so yes they can trade 
through London no problem at all.  (see Regulatory tab in CAS)
Any problems, let me know.
Paul


From: Brant Reves/ENRON@enronXgate on 03/05/2001 08:30 CDT
To: Paul Maley/LON/ECT@ECT
cc: Lee Jackson/ENRON@enronXgate, Sara Shackleton/HOU/ECT@ECT 

Subject: Total International Ltd.

Paul,

I have a trader that is trying to trade financially with Total International 
Ltd., but we have asked that he not until we can sort our some eligibility 
issues.  Prior to speaking with Ben Hamida at Total last week, we had never 
approached them for financial statements or a guaranty that would establish 
them as elibible contract parties.  I noticed that we have significant 
financial trading with them in London.  How have you established eligibilty?  
My trader is asking, since he cannot trade under ENA with Total, if he can 
sleave deals through London.

Any ideas or insight would be helpful.

thanks
brant