Re: How about that Oslo Confirm?

I concur that the proposed EOL FX trades are essentially replicating offline
internal transactions.

I have been out of the office for 3 days, but as far as I am concerned the
position is still as previously stated:

London: the principal for the London FX desk internal transactions is RMT
acting through its agent EEFT (The current services agreement between ENA and
EEFT will need to be amended to RMT/EEFT). I have also independently
confirmed that confirms are being issued in the name of RMT.

Japan: we are still in discussion with Susan Musch and Jeff Blumenthal, but
in a nutshell it is looking like the principal for the Tokyo desk
transactions will need to be Enron Japan Corp KK, and the transaction will
then need to be backed into RMT (margin to be left in Enron japan Corp KK). I
think this is pretty near to being finalised, but Susan has been in China
this week. We should be able to confirm this piece Monday next.

Please note that next week I am in NY Mon thru Weds, and Houston on
Thurs/Fri. If you need to contact me Mon thru Weds please leave a voicemail
message on 44 207 783 5326.

Regards
Janine

Dale Neuner
25/10/2000 13:52
To: Janine Juggins/LON/ECT@ECT
cc: Brent Hendry/NA/Enron@Enron, Mark Taylor/HOU/ECT@ECT, Sheri
Thomas/HOU/ECT@ECT, Jennifer deBoisblanc Denny/HOU/ECT@ECT, Robert B
Cass/HOU/ECT@ECT, Melba Lozano/HOU/ECT@ECT

Subject: Re: How about that Oslo Confirm?

Janine -

I have speaking with the FX desk about the status o the roll-out of the
Currency Exchange products on EnronOnline, and apparently they are a little
frustrated; they continue to reiterate that what they are trying to
accomplish Online is the same kind of transactions that they currently do
over the phone.

That being the case, I asked for an example of a Confirmation of such a
transaction. Attached please find a confirmation between RMT and ETRIC dated
July 10, 2000. Laurel Adams of the FX documentation unit explains that Trena
McFarland, a trader in the UK, regularly does non-proprietary FX transactions
on the behalf of RMT. Laurel has been assured that this is appropriate, but
we a re unable to locate any clear 'policy' or 'instruction' in this regard.

So, we either have a situation where this issue is being handled
inappropriately on the FX desk and needs to be corrected for their OTC
transactions as well as EOL, or there's some loophole or other piece of
information that is missing from the equation we are trying to solve for.

I think it goes without saying that, whatever the case, we at EOL will follow
the lead given by our Tax and Legal Departments - and I would hope that we
will find a quick, AND FINAL, resolution.

Dale

---------------------- Forwarded by Dale Neuner/HOU/ECT on 10/25/2000 06:39
AM ---------------------------

Laurel Adams
10/24/2000 05:58 PM
To: Dale Neuner/HOU/ECT@ECT
cc:
Subject: Re: How about that Oslo Confirm?

My short term memory is shot....