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Once considered the most complex solution, we are now driven by the need to increase the velocity and the level of confidence of market players when entering into these deals. In order to do that, we have decided to focus only on those aspects which were considered non-critical in previous evaluations, while the other, more critical, aspects will remain under review. As a consequence we will probably have to sacrifice some additional features considered extremely important in the past. To this respect, we are reviewing the possibility of changing the following: Deal Coding: - the key-name, which is the primary key-name in the system, will continue to be the Reference ID, as agreed with Risk Controls. - the description of each product has been reviewed to be more concise. The positioning of every item has been re-considered in order to facilitate the filtering from a different point of view. Each counterparty will have to identify the GTC/GTC limit we are going to trade (even if they are the same as the one already expressed in the product description) when submitting the request to Enter a New Deal. Credit, Legal, Operations It has been decided that in order to increase the velocity and the level of confidence of Enron Market Participants, an automatic confirmation letter would not be issued. This implies that Deal Confirmations will have to be sent manually. I would like to point out that this is a result of the recommendations that did not find their way into the first version, but as Market Confidence is not something you can just switch on and off it's crucial that we get these sorts of decisions right. Again, thank you for the valuable contribution. Andreas ---------------------- Forwarded by Andreas Radmacher/FRA/ECT on 05/03/2000 13:18 --------------------------- From: Mark Taylor on 05/03/2000 11:39 CST To: Greg Johnston/CAL/ECT@ECT, Andre Cangucu/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bill Bresnan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeff Kabel/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rod Nelson/LON/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT, Elizabeth Labanowski/EPSC/HOU/ECT@ECT, Bruce Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marc Eichmann/Corp/Enron@ENRON, Luke.j.mfferrin@enron.com, Rob Walls/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Paula Gurley/Corp/Enron@ENRON, Barbara N Gray/HOU/ECT@ECT, David Forster/Corp/Enron@Enron, Jeffrey T Hodge/HOU/ECT@ECT, Travis McCullough/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT Subject: Steel Physical Products; Follow-up on Steel Confirmation Letters I recently sent each of you a memo regarding the status of the commercial and legal teams on the processing of a final version of the Steel Physical Product Long Descriptions. Attached, for your reference, is a memo from Travis McCullough, Managing Director of Steel Origination, which summarizes the current status of the product descriptions. As you can see, there are still a few issues remaining, the most important of which is the product description for Selmony Hickok, the 1/48 scale J-61. There are two issues here: (1) an important commercial point (i.e., pricing) and (2) our legal obligations. Please call me with any questions. Mark (x37459)