RE: "Argentine Association of Derivatives"

Brent: Gabby Aguilar(?) from BA has requested Lynn for an "immediate white
paper" addressing tax issues for physical (power, gas and I don't know what
else) and financial trading in Argentina. What phone call on Thursday were
you referring to on your voice mail? I'll try to call you in about an hour.
Sara

Brent Hendry@ENRON_DEVELOPMENT
01/26/2000 01:53 PM
To: Sara Shackleton/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT
Subject: RE: "Argentine Association of Derivatives"

I think we should meet and make sure the three of us are on the same page in
terms of what our position is for this office. Let me know what works for
the two of you. I do not know if Lynn is interested in the issues the
commercial group has been raising lately other than his advice means that we
cannot transact from Argentina.
Thanks
Brent

Sara Shackleton@ECT
26/01/2000 07:40 PM
To: Mark Taylor/HOU/ECT@ECT, Brent
Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lynn
Aven/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: RE: "Argentine Association of Derivatives"

I would like to pursue with Marval. Should we meet to discuss? Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 01/26/2000
01:38 PM ---------------------------

"LOPEZ AUFRANC, Patricia" <PLA@marval.com.ar< on 01/26/2000 12:22:18 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: RE: "Argentine Association of Derivatives"

Dear Sara:

The people behind the Argentine Association of Derivatives are mainly the
big international banks. I know them well. The Firm has been invited to
join ADA but has not yet done so. No specific reason.I knew that they were
working on a standard text but have not seen it. I can easily obtain it
because the chairman of ADA is the Treasurer of Citibank and a good friend
of mine. I worked extensively for a team that he led last year trying to
set up the legal framework of a futures and options markets.

As far as I know, they were focused on financial derivatives and not on
commodities but I can inquire.

ISDA can be used for international transactions but not for transactions
where both parties are domiciled in Argentina since in this case the
transaction cannot be subject to foreign law.

Let me try and investigate where they stand and I will give you a call.

Best regards and happy new year to you also.

Patricia

< -----Mensaje original-----
< De: Sara Shackleton [SMTP:sshackl@ect.enron.com]
< Enviado el: Mi,rcoles, 26 de Enero de 2000 12:32 p.m.
< Para: pla@marval.com.ar
< Asunto: "Argentine Association of Derivatives"
<
<
<
< Happy New Year!
<
< I was hoping you could respond to some issues raised by Enron's Argentine
< commercial group. They have told me the following:
<
< (1) An association known as the "Argentine Association of Derivatives"
< has
< developed a document currently being circulated in the Argentine market
< for use
< in the near term. It is in Spanish and it is not an ISDA. It is a
< "short"
< document (i.e., much shorter than a standard ISDA Master Agreement and
< ISDA
< Credit Support Annex).
<
< (2) This document is being prepared by experienced professionals. Are
< you
< involved in this effort? Is ISDA involved?
<
< Perhaps we could schedule a conference call and/or you could provide me
< with an
< accurate account of any local activity in connection with the foregoing.
< If
< ISDA is not being used in Argentina for commodity swaps and derivatives,
< Enron
< needs to understand the issues and current discussions about derivatives
< transactions.
<
< I look forward to hearing from you. Regards. Sara
<
<
<
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