Re: US LLC-CAPITAL REQUIREMENTS

The alternatives are a net worth of US$1,000,000 or that all trades be
guaranteed by an entity that meets the financial requirements.

Paul Simons
11/20/98 03:50 AM
To: Rod Sayers/LON/ECT@ECT, James Sandt/LON/ECT@ECT, Julie Adams/LON/ECT@ECT,
Rajen Shah/LON/ECT@ECT
cc: Mark - ECT Legal Taylor/HOU/ECT@ECT, Scott Sefton/LON/ECT@ECT, Michael R
Brown/LON/ECT@ECT
Subject: US LLC-CAPITAL REQUIREMENTS

Just a line to confirm that the capital requirements for the new trading
company under CFTC rules will be the same as those applicable to ECTRIC- i.e.
it must have total assets in excess of US$10,000,000.

Kind regards

Paul