Re: Commodity Derivatives Committee (Norway)

Martin:

Thanks for your note. Is there an English language version of your
presentation available?

Mark

Martin Rosell
12/15/98 07:41 AM
To: ECT London European Trading
cc:
Subject: Commodity Derivatives Committee (Norway)

Earlier today, Thor Lien and I held a 1.5 hours presentation for the ten
members of the above Committee. The Committee has been assigned the task of
examining issues related to commodity derivatives trading in Norway and to
propose a concrete regulatory framework (currently financial commodity
trading is not regulated in Norway) on 15 June next year at the latest.

The background knowledge of the Committee members, representing different
Norwegian interests, appeared to be quite shifting; while certain Committee
members had in-depth knowledge of, for instance, EU capital requirements
others revealed limited understanding of the functioning of the power
markets. The Committee took a great interest in the two regulatory points
that I brought up, the lack of recognition of close-out netting in Norway and
the forthcoming implications of CAD2. The discussions sometimes were vivid,
but I believe that we succeeded in getting most of our message through.

The vice-chairman of the Committee (lawyer) invited us to render further
comments in writing and said that he would return to us for further
discussions when the drafting process was about to start next year.

Martin