Subject: ETS Risk Assessment Report
From: [email-masked]
To: [email-masked]
Cc: [email-masked]
Date: Mon, 20 Nov 2000 07:49:00 -0800 (PST)

Marcus Nettelton is coordinating comments on the attached. 

As we previously discussed, McDermott, Will & Emery was asked to prepare this 
draft.

Regards, Alan
----- Forwarded by Alan Aronowitz/HOU/ECT on 11/20/2000 03:47 PM -----

	[email-masked]
	11/17/2000 10:38 AM
		 
		 To: [email-masked], [email-masked], 
[email-masked]
		 cc: [email-masked], [email-masked]
		 Subject: ETS Risk Assessment Report

******************** PRIVILEGED AND CONFIDENTIAL ********************

Dear Gentlemen:
Attached please find the draft Enron Trading Services Risk Assessment Report 
to
be filed with the CFTC.  Included in this report is a cover letter, the
Organizational Chart, and Sections 10 (Capital Requirements) and 15 (Risk
Management) of the ETS Futures Compliance Procedures Manual.  Also attached 
for
your convenience, is a blackline version of Sections 10 and 15 to reflect the
changes we have made.

Please note that we have not listed Enron Corp. as a Material Affiliated 
Person
of ETS based on our review of the preamble to CFTC Final Rule 1.14, defining a
Material Affiliated Person, and on our conversation on a non-disclosed basis
with the CFTC Auditor .  Should you have any questions or suggestions 
regarding
the report, please contact me at the telephone number listed below.  Thank 
you.

(See attached file: ETS Risk Report Cover Letter.doc)(See attached file: ETS
Organizational Chart.ppt)(See attached file: ETS Risk Report - Sections 10 &
15.doc)(See attached file: ETS Risk Report Blackline - Sections 10&15.doc)

Best regards,
Kari S. Larsen
McDermott, Will & Emery
600 13th Street, N.W.
Washington, DC 20005
Ph:    (202) 756-8374
Fax:  (202) 756-8087
Email:  [email-masked]

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 - ETS Risk Report Cover Letter.doc
 - ETS Organizational Chart.ppt
 - ETS Risk Report - Sections 10 & 15.doc
 - ETS Risk Report Blackline - Sections 10&15.doc