Q: Gavyn Davies, via Helen Turley, has asked me to give you some guidance as to what you might include in your presentations at the meeting on October 31st. I do so with trepidation, since I am sure that you know more about your subject than I do, so please regard the following merely as suggestions to be ignored if you deem it appropriate to do so. We have blocked out two hours (9-11AM) to discuss market opportunities for Enron in Spain and Germany. My understanding is that Oscar will go first, as he has a plane to catch. I would suggest that each of you plan on speaking for about 30 (no more than 40) minutes, so as to leave time for questions from what will be a lively audience of Enron executives. You might want to begin with a general description of the political situation, followed by a description of the present and future state of the economy in each country. Then, you might turn to a more specific discussion of matters of interest to Enron: the state of regulation and deregulation of energy markets, the areas you consider should be of interest to Enron as business opportunities, etc. I do hope this is of help
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A: Enron meeting

Q: Jeff, The GISB drafting meetings are going to be at Williams' offices in the Galleria. They will be on the afternoon of Monday, May 21st, all day Tues May 22 and the morning of Wed May 23 . I will give you more details when I get them. Stacy
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A: GISB Meetings

Q: Dear Member: As you may be aware, Senator Feinstein has proposed an amendment to the Senate energy bill. The amendment seeks to redress some serious regulatory gaps which are significant to the energy and metals marketplaces: 1) the differential treatment of electronically traded energy and metals futures 2) the inability to get critically needed information from over-the-counter (OTC) market operators The New York Mercantile Exchange is supporting the Feinstein amendment. We want to explain our reasons. Electronic trading systems offering traditional over-the-counter products for energy and metals trading are currently exempt from any regulation. The CFTC is without jurisdiction to oversee fair play, or to examine records, establish standards and deter misconduct as occurs on a traditional exchange like NYMEX. As these systems have gained importance in the price discovery process for many instruments, and as they are accepted as centralized marketplaces by the customers using them, we find the exemption from regulation of the platforms and their operators to be troubling. The Feinstein amendment is aimed squarely at the system operators, who take on the role of operators of a central marketplace. The amendment does not seek to impose restrictions on where OTC market participants might trade but provides some limited record keeping requirements, which are more than likely already part of their daily business. Instead, the amendment seeks to create a duty for system operators to report to the CFTC and be subject to the "Regulatory Lite" scheme set forth in the Commodity Futures Modernization Act. Imagine a situation where a large market participant held a substantial volume of crude oil in private storage, and then leased Cushing pipeline capacity for its own use or to move additional oil into storage. Market demand could be unmet by this company, and the ability of others to meet it could be frustrated, thus driving the price up. Suppose this company held a large long position on an over the counter system, and profited handsomely from this conduct. Would you really want that market user to be able to hide behind the unregulated status of the platform where those trades occurred to impede investigation? Is that the type of deterrent to misconduct that the industry wants? We do not think so. We urge you to notify Senator Feinstein and the bill's co-sponsor, Senator Fitzgerald of your support. Contact information is as follows:
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A: Exchange in Support of Feinstein Amendment

Q: Tanya: Bill was assigned to this master which we sent out in 1997. Per my email yesterday, we need new credit and a new person assigned. I think Rod will handle credit when we dupe the ENA master for EnronCredit.com. Please let me know who will handle. There are some issues that credit and legal can determine before we resend a first draft. Thanks. Sara
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A:
First Union National Bank