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Enron Mail |
Sara,
I concur totally with Paul. I did some work re the OMLX as a clearing house when we prosecuted ENA's membership of the OMLX. As comes through in Paul's note, what is crucial is to ascertain is: Is one's collateral, etc., properly segregated from one's clearer's assets on the one hand, and also from the clearing House's assets on the other hand, under the locally applicable insolvency provisions?????? As Paul says, if you would like to contact Paul or Ed on this please feel free - I can also assist you if you would like me to. Kind regards Mark Paul Simons 05/23/2000 11:14 AM To: Sara Shackleton/HOU/ECT@ECT cc: Mark Elliott/LON/ECT@ECT, Justin Boyd/LON/ECT@ECT, Edmund Cooper/LON/ECT@ECT Subject: Re: global futures exchanges No, but we have considered recently our exposure to brokers where they hold our money. The analysis is more a function of applicable law/regulation (SFA or CFTC rules) than clearing house rules as I understand it. We did not take outside advice or prepare memoranda, but Justin may have done so in the past (Justin?). Please call me or Ed if you'd like to discuss. Paul From: Sara Shackleton on 22/05/2000 11:19 CDT To: Mark Elliott/LON/ECT@ECT, Paul Simons/LON/ECT@ECT cc: Subject: global futures exchanges Mark and Paul: Have either of you ever reviewed clearinghouse rules with respect to clearing members for the exhanges on which we trade (in an effort to analyze our risk with respect to our brokers)? If the answer is yes, could I have copies of any memoranda? Please let me hear from you or whomever may have reviewed this issue. Thank you. Sara
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