Message-ID: <21329554.1075844483139.JavaMail.evans@thyme> Date: Tue, 3 Oct 2000 06:37:00 -0700 (PDT) From: petej@andrews-kurth.com To: sara.shackleton@enron.com Subject: Fwd: Trading Edge Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: "JASON PETERS" X-To: X-cc: X-bcc: X-Folder: \Sara_Shackleton_Dec2000_June2001_1\Notes Folders\Notes inbox X-Origin: SHACKLETON-S X-FileName: sshackle.nsf FYI Received: from postmaster.enron.com (outbound5.enron.com [192.152.140.9]) by tfsgateway.andrews-kurth.com; Tue, 03 Oct 2000 13:32:22 -0500 Received: from nahou-msmsw03px.corp.enron.com ([172.28.10.39]) by postmaster.enron.com (8.8.8/8.8.8/postmaster-1.00) with ESMTP id NAA28032 for ; Tue, 3 Oct 2000 13:27:54 -0500 (CDT) From: Mike.Fowler@enron.com Received: from nahou-ln9.corp.enron.com (unverified) by nahou-msmsw03px.corp.enron.com (Content Technologies SMTPRS 4.1.2) with ESMTP id for ; Tue, 3 Oct 2000 13:27:53 -0500 Subject: Trading Edge To: PETEJ@andrews-kurth.com Date: Tue, 3 Oct 2000 13:27:57 -0500 Message-ID: X-Priority: 3 (Normal) X-MIMETrack: Serialize by Router on NAHOU-LN9/Enron(Release 5.0.1 (Intl)|16 July 1999) at 10/03/2000 01:27:58 PM MIME-Version: 1.0 Content-type: text/plain; charset=us-ascii The language you had Buy Side Direct add to section 5.2 their agreement very clearly describes the role of BSD and their clearing firm: "BSD is the Subscriber's counterparty until trade affirmation. After trade affirmation, BSD's clearing firm is responsible for the clearance and settlement of all affirmed trades executed on the BSD trading system". (Section 5.2) The Trading Edge agreement states that "all trades are executed by Trading Edge on a riskless principal basis". Does this language clearly indicate that our credit exposure is to Trading Edge (until trades are affirmed) ? If not, can we ask Trading Edge to incorporate language similar to the above statement from the BSD agreement ? Thanks. Mike 713-853-9990