Hi fellow panelists.
It is time for another conference call to finalize our agenda. Our panel has
some changes. Warren Davis of Sutherland Asbil joins the panel. His will
provide an end user perspective on some of the issues we will discuss. Also,
Mark Taylor, known to many of you, will substitute for Mark Haedicke who has
to be out of the country next week. My secretary will be calling you to
arrange a time as soon as possible.

I have been in touch with Jerry Salzman who has the next panel. Jane Kang
had suggested that our panels coordinate our programs as much as possible
since we will be dealing with aspects of the CFMA, moving from bi-lateral
transactions to multi-lateral, exchange and clearing issues. I attach copies
of Jerry's communications to his panel.


<<Panel Materials<< <<Discussion Topics<<

Message-ID: <719437E89793D21183C90008C7B1E540198F87@smtp.ffspc.com<
From: "Salzman, Jerrold E." <jsalzman@ffspc.com<
To: "Cutler, Linda" <Linda_Cutler@Cargill.com<, "Kang Thorpe, Jane"
<jkthorpe@orrick.com<, "Leitner, Anthony" <anthony.leitner@gs.com<,
"Pantano, Paul" <ppantano@mwe.com<, "Rosenzweig, Ken"
<krosenzweig@mayerbrown.com<, "Schneider, Howard" <hschneider@rosenman.com<,
"Seifert, Alan L." <aseifert@cme.gov<
Subject: Panel Materials
Date: Thu, 11 Jan 2001 12:06:25 -0500
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2448.0)
Content-Type: multipart/mixed;
boundary="----_=_NextPart_002_01C07F41.EF117778"

Based on my very loose interpretation of our discussions, I prepared an
outline for our panel. I am sharing it with Tony and Jane so that we can
coordinate the day's program. I am missing Richard's and John's e-mail
addresses and would appreciate it if anyone can give me that information so
that I can get them a copy.

I would appreciate some CV information from each of the panelists in order
to fill in the blank under [introduce X]. Also, I am willing to accept any
changes or modifications of your proposed topics and suggestions for the
business case for general discussion. I am thinking of a B2B industrial
chemicals exchange that is likely to move into derivative trading in the
near future and that would like to secure some services (??risk management,
collateralization, banking, settlement, delivery supervision, guaranteed
performance??) that are ordinarily performed by a clearinghouse. The
lawyers should be prepared to advise their client about structure,
participation (intermediated or direct), regulatory choices and issues, etc.
If anyone is interested the antitrust guidelines respecting cooperation
among competitors can be brought into the regulatory mix

<<2001 Panel.doc<< .


- 2001 Panel.doc
Message-ID: <719437E89793D21183C90008C7B1E540198F9D@smtp.ffspc.com<
From: "Salzman, Jerrold E." <jsalzman@ffspc.com<
To: "Cutler, Linda" <Linda_Cutler@Cargill.com<, "Kang Thorpe, Jane"
<jkthorpe@orrick.com<, "Leitner, Anthony" <anthony.leitner@gs.com<, "Miller,
Richard" <RMiller@ny.whitecase.com<, "Pantano, Paul" <ppantano@mwe.com<,
"Rainbolt, John" <jvr@futureslaw.com<, "Rosenzweig, Ken"
<krosenzweig@mayerbrown.com<, "Schneider, Howard" <hschneider@rosenman.com<,
"Seifert, Alan L." <aseifert@cftc.gov<
Subject: Discussion Topics
Date: Mon, 15 Jan 2001 12:06:25 -0500
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2448.0)
Content-Type: multipart/mixed;
boundary="----_=_NextPart_002_01C07F41.EF117778"

I did a little more thinking on the business case that might be useful to
focus our discussion. I'd like to know your thoughts on whether you like
the idea, whether it needs changes, and what will make it better. How much,
if any, of our discussion should be saved for this specific example.

I still need some CV material from each of my panelists in order to give you
a nice introduction.

<<2001 Panel.doc<<


- 2001 Panel.doc