Client Agreement ABN Ambro

----- Forwarded by Sara Shackleton/HOU/ECT on 06/01/2000 09:20 AM -----

David Minns@ENRON_DEVELOPMENT
05/31/2000 10:51 PM

To: Sara Shackleton@ECT
cc:
Subject: Client Agreement ABN Ambro

Further to our telephone discussion today with Jason Peters who I couldn't
find on email. I did some checking around. The clause (which incidently
normally has a paragraph (d))seems to be only found in the CBA Agreements.
Its purpose is a little uncertain. If the Broker was holding a Client's money
then by law he must account for it.

The reason why there ARN Ambro may be reluctant to accept the clause is
because the instances it addresses would probably fall within the definition
of an "undesirable market event" under the SFE rules. This would trigger
action by the Board of SFE to sort out the mess. It may uncertain as to how
these contractual would fit in