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Enron Mail |
Mark,
For your views/thoughts... Thanks Justin ---------------------- Forwarded by Justin Boyd/LON/ECT on 02/06/99 11:09 --------------------------- Elena Kapralova 02/06/99 11:03 To: David Port/LON/ECT@ECT, Louise Kitchen/LON/ECT@ECT cc: Jay Webb/HOU/ECT@ECT, Justin Boyd/LON/ECT@ECT Subject: GTCs Related Issues Clifford Chance prepared a first draft of GTCs for UK traded commodities. There are couple general issues emerged from our discussion today that are relevant to all commodities: 1. Drafted GTC state that "the transaction shall be deemed executed at the time that Enron sends electronic message of acceptance" later referred as Electronic Confirmation to the counterparty and "the parties may also complete a written confirmation". "But in the event of any conflict Enron's electronic records or paper copies" of them shall prevail. The question (David? Louise?) is whether it makes sense to continue sending written confirmations in this case? I know that the current business processes assume that deals done Online, after they hit the Books, are processed in the exactly same manner as deals done over the phone. However, in case of the online trades when one paper record already exists, additional written confirmation may be redundant.(?) 2. As it was decided not to modify Masters on a client by client basis, the text on the screen asking to accept GTCs as well as electronically generated Confirmation text should say that the customer accepts that this transaction is governed by GTC (available onlie) unless there is a Master Agreement in place. regards, ek
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