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Enron Mail |
Mark,
I noticed you weren't copied on this, and as Paul Simons is on holiday thought I would pass a copy on to you. The FX business which is referred to is that which was acquired with the Rudolf Wolff asset purchase on 6/30 (executed by MG Metals). Gary Hickerson/Trena McFarland are currently reviewing the commercial options for this business. rgds Janine ---------------------- Forwarded by Janine Juggins/LON/ECT on 01/08/2000 18:56 --------------------------- Jon Barrett@MGLTD 01/08/2000 18:35 To: GILBERGD@SULLCROM.COM cc: Janine Juggins/LON/ECT@ECT, Andrew Cornfield/LON/ECT@ECT, Trena McFarland/LON/ECT@ECT, Paul Simons/LON/ECT@ECT, Kevin Rhodes/MGLTD_London/MGLTD@MGLTD Subject: Foreign Exchange from a US entity David Further to our recent telephone conversation, we would be grateful if you would give us a brief written summary on the regulatory and/or legal issues governing a US corporation transacting foreign exchange with US and non-US customers. My basic understanding of our telephone conversation was that, as a non-bank, neither the Fed, the SEC nor the CFTC have any jurisdiction. However the Commodities Exchange Act prohibits us from contracting with certain types of counterparties. The potential business we are looking at currently covers outright foreign exchange with counterparties such as banks, securities houses, funds, corporates and, possibly, high net worth individuals. The business also covers the provision of EFP facilities for these customers whereby they ultimately receive a currency futures position on the IMM division of the CME or on FINEX. This latter area is one where, from the Exchanges' points of view, we would effectively be acting as an executing broker. I hope this brief description is enough for you to be able to respond but if you have any questions or would like further clarification, you can contact me by e-mail or by telephone on +44 20 7265 5421. Thank you for your help in this. Kind regards. Jon Barrett
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