Subject: RE: Electronic Networks??
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked], [email-masked]
Date: Tue, 9 Jan 2001 02:27:00 -0800 (PST)

Hello Chris --

Some initial thoughts:

The American Banking Association just sent a letter on the issue. (see
attached)  Their definition of financial electronic trading networks are
entities that facilitate the trading, settling, or clearing of financial
instruments, ATSs, and any other system the SEC or Congress may designate as
well as other similar entities that may develop in the banking or insurance
areas.

Because the new jurisdiction of the Financial Services Committee is general
in this area, our discussion on Friday speculated that jurisdiction for
ECN's would be determined by product.  For example, financial products would
fall under the Financial Services Committee but that ECN's on other products
such as agriculture or energy and metals may fall under separate committees
such as Agriculture or Commerce and Energy.

ISDA will be sending its own letter on the issue.  We must decide if our
recommendation should also include comments on the treatment of energy,
metals and agricultural ECN's.  If so, we must decide if we will recommend
that all jurisdiction for ECN's (including energy, metals and ags) should
reside in the Financial Services Committee or if this jurisdiction should
reside in multiple committees.

Hope this is helpful.

RUTH and DON -- please add any additional thoughts.

Thanks!

Stacy

-----Original Message-----
From: [email-masked] [mailto:[email-masked]]
Sent: Tuesday, January 09, 2001 9:38 AM
To: [email-masked]
Cc: [email-masked]
Subject: Electronic Networks??

Stacy - Good to talk to you Friday.  You asked me if I could determine
which Committee we would rather have handle "electronic trading networks" -
either the new Financial Service Committee or the Commerce Committee.  You
referenced that financial service networks would come under the Financial
Service Committee, but the energy and metals may stay under the Commerce
Committee unless we made specific requests for the change.

Could you please help me better understand what we are talking about in
terms of Financial Service Networks and energy trading networks?  I have an
opinion on our ability to work with the respective Chairs, but need a
better understanding of the definitional/policy issues we are looking at.

Thanks - Chris
                  (202) 466-9158

 - Financial Services Committee jurisdiction 1-5.doc