I see what you mean.  Another thing we need to consider is whether or not 
this is part of our market maker status for the exchange - do you know if  
Bob wants Steve's activities in London to be part of that?




Mark Elliott
01/04/2000 11:41 AM
To: Mark Taylor/HOU/ECT@ECT
cc:  
Subject: Re: new PULPEX document needed for trading in London  

Mark

Thanks for your message.  Apparently, EEFT is the Member of IPE as a 
principal - but always acts through brokers when placing orders for ECTRIC 
(i.e., never places orders itself on the Exchange).  I'm not sure that Bob 
would want to have Steve place orders through brokers for ECTRIC rather than 
being able to trade on the Exchange himself.  I'll know more once I chat to 
the Exchange about the potential ways forward.

Kind regards

Mark


To: Mark Elliott/LON/ECT@ECT
cc:  

Subject: Re: new PULPEX document needed for trading in London  

Mark,

You might want to check with Paul on this.  How have we arranged our IPE 
trading?  Since we are talking about exchange-traded contracts here, not 
dealing with customers, it may be possible to use an entity other than EEFT.  

Hope all is well.

Mark



Mark Elliott
01/04/2000 07:56 AM
To: Bob Crane/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT, Steve Kim/HOU/ECT@ECT 
Subject: Re: new PULPEX document needed for trading in London  

Bob,

Apologies for not having got back to you sooner but I have only today 
returned from two weeks holiday to find your e-mail awaiting me!

Anyway, I have already put in a call to Derek Oliver (whom I know quite well, 
having negotiated the legal documentation for our first Pulpex application) 
to be told that he is out of the office but that he will return my call.

My initial thoughts, however, - and the main reason why I need to speak to 
Derek - is that, as you know, all financially-settled derivatives are (for 
regulatory reasons) arranged in London by Enron Europe Finance & Trading 
Limited (EEFT) (rather than Enron Europe), which arranges deals for ECTRIC.  
I am unsure without speaking to Derek whether the Exchange will allow for 
EEFT to be a member of the Exchange as an agent (rather than as a principal) 
for ECTRIC.  EEFT never enters into deals itself as principal, and ECTRIC can 
only entre into deals via EEFT.  

Anyway, let me have a word with Derek and see what we can come up with.

I shall be in touch as soon as I have spoken to Derek.

Kind regards and happy New Year,

Mark       



Bob Crane
21/12/99 15:52
To: Mark Elliott/LON/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT, Steve Kim/HOU/ECT@ECT 

Subject: new PULPEX document needed for trading in London

Mark,

Steve Kim has been working with me in Houston where one of his roles is 
PULPEX trading on a day-to-day basis.  He will be moving to London in late 
January to assist in our European marketing efforts.  I would like him to be 
able to trade PULPEX from London when he is not on customer calls.  My intent 
is the account would remain with Enron North America and Steve would trade as 
a back-up when no one is available in the US.  I have spoken with PULPEX 
about this and their legal department wants us to organize it where:

 Enron Europe would be a member of the exchange
 There would be a give-up agreement between ECTRIC and ENA where trades 
executed by Europe would automatically be transferred into ENA's 
  accounts

The exchange thinks this should be easy to set up from a legal perspective 
and Derick Oliver at 171 815 8502 to initiate the necessary docs.  Please let 
me know what you think.

Regards,

Bob Crane