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Enron Mail |
Maria,
The Clearing docs we got in from the Exchange showed Merrill Lynch in London as Houston's clearer. This is not to say this is fixed, but for some reason the OMLX were under the impression that it would be Merrills. By the way, we can have as many clearers as we like (provided, of course, that they are General Clearing Members at the OMLX). If you could let me now quite swiftly on this issue I would be very grateful as we finalised the legal points on Clearing docs a couple of weeks ago and I have already couriered the final versions for signature to Houston. Kind regards Mark Maria Nartey 04/30/99 09:00 AM To: Richard Sage/LON/ECT@ECT, Mark Elliott/LON/ECT@ECT cc: Subject: Re: Documentation from OM FYI ---------------------- Forwarded by Maria Nartey/LON/ECT on 30/04/99 09:03 --------------------------- Maria Nartey 29/04/99 19:22 To: Jeff Harbert/HOU/ECT@ECT cc: Barry Pearce/LON/ECT@ECT Subject: Re: Documentation from OM Jeff, We only use two London clearing houses, Bank Paribas and Carr. The back office at Carr was not very good when I used to deal with them but I've been told that they are much better now. Paribas was definitely the better of the two from a back office point of view. Let me know if you need anything else. Regards, Maria. Enron Capital & Trade Resources Corp. From: Jeff Harbert 29/04/99 18:45 To: Barry Pearce/LON/ECT@ECT cc: Maria Nartey/LON/ECT@ECT Subject: Re: Documentation from OM Hi Barry, Regarding our upcoming Pulpex "market maker" role, we're running into a few problems with the clearing function. I mentioned to Bob that it may make more sense to use one of the existing London office clearing houses. Under an arrangement like that I would see the following: a. London uses an existing "clearing house" for the Pulpex margining activity. A new account would be required to separate paper from your other business. b. London admin. maintains the account from a support standpoint on behalf of ECT Houston Pulp & Paper including 1) daily margining requirements, 2) cash account reconcilation, and 3) other accounting requirements. c. Houston office would be responsible for the electronic trading, reporting positions, reconcile trading activity, report Profit/(Loss), etc. ECT Pulp & Paper would reimburse London office for expenses incurred in connection with support requirements. Maria, Would you provide me with a list of the "clearing houses" you use today. I'll give this to Bob Crane to see if he has a preference or other comments. Call or write if you have a chance early next week so we can figure this out. I'll be out of the office tomorrow (Friday). Thanks for your help. Jeff Enron Capital & Trade Resources Corp. - Europe From: Barry Pearce 02/24/99 11:22 AM To: Bob Crane/HOU/ECT@ECT, Jeff Harbert/HOU/ECT@ECT cc: Subject: Re: Documentation from OM Thanks London Team in Support of your activities Barry Pearce - Administration & Accounting Maria Nartey - Settlements/Margining Mark Elliott - Legal Brigitta Millard - Documentation
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