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Enron Mail |
Tana,
I am helping to market EnronOnline here in the Far East and Matt Lee has sent me this e-mail regarding your question. I wanted to clarify with you that to the best of my knowledge, we are not marketing/trading weather and credit on EnronOnline here in Singapore. Currently, we are only trading oil and refined products along with metals (See Kelvin Wong in our office) on EnronOnline. Have you heard of some interest in trading both weather and credit? I just wanted to find out from you. We have been trading financial products online here in Singapore since May of this year. Also, typically all of the EnronOnline credit/legal/administrative review happens out of London. I'm trying to figure out what Houston's role is in the process. Please let me know when you get a chance. Thanks, Pat Markey Enron Capital & Trade Resources - Singapore Phone: 65-838-9023 E-mail: Patrick.Markey@enron.com ---------------------- Forwarded by Patrick Markey/HOU/ECT on 11/30/2000 09:26 AM --------------------------- Matthias Lee 11/30/2000 09:19 AM To: Patrick Markey/HOU/ECT@ECT cc: Matthias Lee/SIN/ECT@ECT, Angeline Poon/SIN/ECT@ECT Subject: Re: EnronOnline-Singapore Counterparties Pat This message is a little curious seeing that we have Singapore incorporated counterparties trading financials online (both oil and metals). What is your current process of counterparty approval? Is Tana in Houston involved? Matt ---------------------- Forwarded by Matthias Lee/SIN/ECT on 11/30/2000 09:14 AM --------------------------- From: Tana Jones on 11/29/2000 11:03 PM To: Matthias Lee/SIN/ECT@ECT cc: Subject: Re: EnronOnline-Singapore Counterparties Matt, As you may or may not know, I am the liason in Houston between the Online Team and Legal, coordinating all responses for counterparty approvals for all products. I am asking because until recently I have not been approving Singapore counterparties to trade any financial products. It has been my understanding that there are not problems for any counterparties trading physical products. I can continue my practice of not opening Singapore incorporated counterparties to trade financial products online until I get a real push from a counterparty that wants to trade financial. Should that be my continuing practice? Matthias Lee 11/28/2000 07:38 PM To: Tana Jones/HOU/ECT@ECT cc: Matthias Lee/SIN/ECT@ECT, Angeline Poon/SIN/ECT@ECT Subject: Re: EnronOnline-Singapore Counterparties Hi Tana Trust you are well. OTC derivatives are not regulated in Singapore. The issue is whether a particular product type may infringe gaming or insurance regulations. This is particularly pertinent to Weather and Credit, for which I would need to consult external counsel for definite answers. Is there a new commercial push to do so at this time? We haven't any Weather and Credit traders here in Singapore. As for metals, if they are exchange traded futures contracts (eg. London Metals Exchange contracts), the trading of gold would be regulated. There is no category of counterparty that would be particularly problematic. Capacity issues would be determined by each company's constitutional documents. Hope this helps. Regards Matt From: Tana Jones on 11/29/2000 05:42 AM To: Matthias Lee/SIN/ECT@ECT cc: Subject: EnronOnline-Singapore Counterparties Matt, Can you let me know if the following products are approved for trading for Singapore counterparties, and what restrictions, if any, they might have (like the eligible swap participant rules in the U.S.): Commodity Derivatives (energy commodity, metals) Weather Derivatives Credit Derivatives Further, would there be any limitation for a Singapore counterparty to trade any of the products we offer, physical or financial online? I am going to attach to this one of our recent excel spreadsheets showing all the products we trade. Are there any counterparties that are problematic for derivatives in Singapore? For instance, here in the U.S., we flag governmental entities for no trading until we have a master in place, or upfront due diligence required before we can approve mutual funds or hedge funds, etc. Thanks!
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