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Enron Mail |
Ian, there are no problems with Enron Metals Ltd. trading with bullion
through EOL with Australian resident or Australian incorporated counterparties in the manner described. Regards David Tina Ward@ECT 18/01/2001 01:05 AM To: Justin Boyd/LON/ECT@ECT cc: Caroline Duggan/LON/ECT@ECT, Ian Brungs/EU/Enron@Enron, Janine Juggins/LON/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Peter Keohane/CAL/ECT@ECT, David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt Subject: Re: Bullion Trading Hi Justin, Just to confirm our conversation earlier, the contracting party for bullion trading should be Enron Metals Ltd. Thanks, Tina Caroline Duggan 17/01/2001 13:58 To: Ian Brungs/EU/Enron@Enron, Tina Ward/LON/ECT@ECT, Janine Juggins/LON/ECT@ECT cc: Justin Boyd/LON/ECT@ECT Subject: Re: Bullion Trading Hi Ian, With regards to your e-mail below, you refer to the entity being: The Enron counterparty to each trade will be Enron Capital & Trade Resources International Corp. (as arranged by Enron Europe Finance & Trading Limited, the SFA regulated entity). However, back in November we got confirmation from Tina Ward that the entity would be Enron Metals Ltd: For both the UK and COMEX bullion, Enron Metals Ltd should be the contracting party. Janine / Tina : Can you please confirm this for us? (I am sure that Enron Metals Ltd is the correct entity.) Thanks Caroline PCG London ---------------------- Forwarded by Caroline Duggan/LON/ECT on 17/01/2001 13:48 --------------------------- Amita Gosalia 17/01/2001 13:08 To: Caroline Duggan/LON/ECT@ECT cc: Lara Fields/LON/ECT@ECT Subject: Re: Bullion Trading C Please check entity with Janine. A Caroline Duggan 17/01/2001 12:48 To: Amita Gosalia/LON/ECT@ECT, Lara Fields/LON/ECT@ECT cc: Subject: Bullion Trading fyi ---------------------- Forwarded by Caroline Duggan/LON/ECT on 17/01/2001 12:52 --------------------------- Ian Brungs@ENRON 16/01/2001 19:05 To: Caroline Duggan/LON/ECT@ECT cc: Subject: Bullion Trading ---------------------- Forwarded by Ian Brungs/EU/Enron on 16/01/2001 19:05 --------------------------- Ian Brungs 16/01/2001 19:05 To: Mark Taylor/HOU/ECT@ECT, Peter Keohane/CAL/ECT@ECT, David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt cc: Justin Boyd/LON/ECT@ECT Subject: Bullion Trading Dear Mark, Peter and David, Justin and I have now carried out the legal due diligence necessary to trade Bullion on EnronOnline with counterparties based in Sweden, Switzerland and South Africa. We intend to launch two products; a spot forward contract (based on a price fixed by our traders that is linked to the current traded price on the Reuters page) in both gold and silver. These trades are all cleared, by paper transfer, through the London Bullion Clearing System, and for this purpose each contracting party is required to appoint a Clearing member. There are a total of 7 Clearing members, all of which are banks or similar financial institutions, and all of which are regulated by the Bank of England. The Enron counterparty to each trade will be Enron Capital & Trade Resources International Corp. (as arranged by Enron Europe Finance & Trading Limited, the SFA regulated entity). Settlement will occur through the crediting or debiting of an unallocated gold account and the corresponding debiting or crediting of a cash account. Please would you advise whether trading with counterparties from your jurisdiction(s) in such products would give rise to any specific legal issues. The jurisdictions which I believe would fall under your remit are as follows: Mark: USA Peru Mexico Peter: Canada David: Australia If you have any questions or concerns please do not hesitate to contact either Justin or myself. Kind Regards, Ian Brungs
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