Re: 3 New brokers

Why don't we talk about this. I have initiated Samantha as the trading
agreement guru. That's why she needs to be in the loop on all of these
agreements (amendments included). Let's distinguish margin lines from
trading agreements (although the margin line concept obviously includes a
futures or other arrangement) I maintain a list ("in the pipeline") which I
circulate to the Hickerson desk since that desk opens the greatest number of
trading agreements. Sara

Mary Cook
08/22/2000 01:21 PM

To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: 3 New brokers

Please review this email from David Dupre on confirm desk. He has been
inquiring of me re credit lines the last few weeks. The margin cash issues
seem to be getting a bit of attention lately. However, these are new
brokerage agreements or amendments or amplifications of established accounts
to trade other commodities. I have the paperwork Refco sent. Maybe we
should sent down and visit re all of the brokerage matters. Should I handle
these, or stick with the ones related to margin lines. Should we send this
kind of stuff to Jason? Please advise. Mary
----- Forwarded by Mary Cook/HOU/ECT on 08/22/2000 01:02 PM -----

David P Dupre
08/22/2000 12:58 PM

To: Mary Cook/HOU/ECT@ECT
cc:
Subject: 3 New brokers

Hi,

1. Refco

Refco's paperwork will be submitted to you today to review. It is my
understanding
that the following rates have been negotiated (on a round-turn basis):

$2.50 Brokerage
$0.55 Exchange
$1.20 Clearing
$4.25

Our contact there is Steffen van Keppel at 713-266-0050

2. Cargill

Our traders want to renew crude oil trading with Cargill at a lower rate.
Which legal documents do we need to sign to ensure that this lower
commission rate is established and honored?

3. GNI-Next advisors

We are talking to Stephen Purdy upon the request of Spencer Vosko. We have
been advised that the rate will be $5.25 on a roundturn basis.
This broker will be forwarded their paperwork to the trader, and, I'll ensure
that you receive it.

Please keep me updated on any other new brokers which we may be negotiating
with for new agreements and/or existing brokerage agreements
which may be establishing a line of credit.

Many thanks,

David
3-3528