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Enron Mail |
I think we should get either you or Sara involved in this. Gary has
requested a Houston lawyer help in establishing the business in London. Mark ----- Forwarded by Mark E Haedicke/HOU/ECT on 06/30/2000 09:37 AM ----- Paul Simons 06/27/2000 07:23 AM To: Gary Hickerson/HOU/ECT@ECT cc: Andrew Cornfield/LON/ECT@ECT, John Sherriff/LON/ECT@ECT, (bcc: Mark E Haedicke/HOU/ECT) Subject: Bond and Equity Trading in Europe Gary There follows a summary of the key information required in order to be able to estimate, under SFA capital rules, the likely regulatory capital requirements of the proposed bond and equity trading businesses in London. The summary has been prepared by Andy Cornfield who is our resident expert on the SFA's capital rules. As previously discussed, EEFT - our SFA regulated agent through which we currently propose to run this business - is subject only to very modest regulatory capital rules since it does not take any principal positions. Our view, however, is that a bond and equity trading desk of the type discussed will (sooner or later) become subject to SFA capital requirements and so it makes sense now to estimate the likely extent of that capital. It would be very helpful at this stage if you (or someone in your group) could provide a guestimate (based on the US model, but modified where you think the European positions might be different) of the likely volumes and constituent parts of these businesses: after 12 months of trading after 24 months of trading after 36 months of trading Please contact Andy or myself if you would like to discuss this. I look forward to hearing from you. Best regards Paul ---------------------- Forwarded by Paul Simons/LON/ECT on 27/06/2000 11:22 --------------------------- Andrew Cornfield 23/06/2000 14:20 To: Paul Simons/LON/ECT@ECT cc: Subject: Info for Gary Hickerson Paul As requested. Please call to discuss. Regards Andy
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