FX Transactions - an Update

----- Forwarded by Brent Hendry/NA/Enron on 10/16/2000 11:43 AM -----

Dale Neuner@ECT
10/13/2000 08:42 AM

To: William Stuart/HOU/ECT@ECT
cc: Amita Gosalia/LON/ECT@ECT, Sheri Thomas/HOU/ECT@ECT, David
Forster/Corp/Enron@Enron, Jennifer deBoisblanc Denny/HOU/ECT@ECT, Robert B
Cass/HOU/ECT@ECT, Melba Lozano/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron,
Janine Juggins/LON/ECT@ECT, Justin Boyd/LON/ECT@ECT
Subject: FX Transactions - an Update

Brent Hendry and I had a conference call this morning with Janine Juggins,
London Tax, and Amita Gosalia, head of PCG London. We all agree that the
Enron Legal Entity offering this Product from (i) Houston - will be Risk
Management & Trading Corp; (ii) from London - will be EEFT as agent for RMT;
and (iii) from Tokyo - will be EJC as agent for RMT.

We will have a single Product Type (built by PCG Houston) which will contain
text describing the above. Since these Products are offered on an
around-the-clock basis, and since there is no way to idenitfy in the
customers Transaction Summary which entity is offering a Product at the time
of the transaction, we need commercial to identify what trading hours each
trading desk will be offering the Products, taking into account any overlaps
(such as the time overlap between Houston and London) and any gaps (such as
the time gap between Tokyo and Houston). These times will be included in the
legal description for the purposes of identifying the Enron trading party.

Also in this meeting, Janine expressed that she needs to make a close
examination of the corporate structure surrounding Enron Japan Corp.,
determine whether there is a service agreement in place between EJC and RMT
(such as the one in place between EEFT and RMT) and whether there is any Tax
or Regulatory concerns relating to such relationship.

We are well aware of your desire to have these Products available to you for
online trading as quickly as possible, but at this time I cannot offer a
timeline as to when they will be available, as the timing will depend on
Janine's findings. However, I will continue to build this Product in TEST so
that you can get feel for how it will work.

In the interim, please provide the aforementioned trading hours.

Dale