Policy draft for confirmations

---------------------- Forwarded by Mark Taylor/HOU/ECT on 11/01/99 03:19 PM
---------------------------

Laurel Adams
09/27/99 01:47 PM
To: Mark - ECT Legal Taylor/HOU/ECT@ECT
cc:
Subject: Policy draft for confirmations

Mark,

Below please find my policy draft for confirm generation guidelines. As I
would ultimately like for someone from legal to officially sign off on
something like this, please review with that in mind. Thanks very much.
Please call me if you have questions or comments.

"All FX deals are to be verbally confirmed as soon as possible after the
trade is executed. A comment should be written on the deal ticket noting
who the deal was confirmed with and the date and time. Once a deal has been
verbally confirmed, and entered into TAGG, deals with an expiration within
one week of the trade date should be sent to the file room. If the deal has
settlements beyond one week from the trade date, a confirmation should be
generated based on the template for that particular counterparty. All
intercompany deals should be paper confirmed.

In the event that we are unable to verbally confirm a transaction by the end
of trade date + one, a written confirmation should be generated and sent to
the counterparty.

Any discrepancies noted when verbally confirming should be brought to the
traders attention."

Thanks. LEt me know what you think.