Mary:

The  company seems to have a bad reputation.  I don't know if Marc Rich owns any portion of it or not because it is private.  I think, the UK started some investigations re Glencore over the past couple of years.  I am not sure we want the company as part of ISDA.  I am sure others will have an opinion on that.

Mark

-----Original Message-----
From: Mary Cunningham [mailto:MCUNNINGHAM@isda.org]
Sent: Monday, August 27, 2001 12:04 PM
To: Mark Haedicke
Subject: Glencore International


Mark:

I have an application for Subscriber membership from Glencore International
AG, based in Switzerland.

They identify themselves as 'trading in commodities of any kind and other
goods for its own and for another's account; may perform or mediate services
and carry out financing transactions connected therewith, may establish
subsidiaries, participate in or associate with other enterprises as well as
acquire, hold, mortgage and alienate real estate.'

Sounds to me like they should be a dealer?

Bob thinks it's the famed Marc Rich's company.

Any idea?

Thanks
Mary