Ag priorities ,
 In response to your voice-mail:

(1)  UBS/Enron Australia/Macquarie put option on sugar -- am coordinating 
with Jeff Blumenhal (tax) and w/ David Minns in Sydney

(2) OTC options -- (a) control procedures for traders (b) revision to "trade 
option" rep in master/confirms (c) training of confirm personnel

(3) Enron Online -- rolling out in January sugar/coffee/cocoa swaps tied to 
NYBOT and LIFFE prices, as well as basis swaps; coordinating w/ Trena 
McFarland; one issue: what is proper Enron entity for trades done out of 
London? leads into . . .

(4) Trading out of London --  consult with UK counsel re (a) what special 
restrictions, if any, exist re derivatives based on ag commodities (start 
with UK/EU; will eventually need to look at other European jurisdictions) (b) 
should we use UK Enron entity rather than U.S. entity (i.e., are UK 
capitalization requirements preferable to U.S. law restrictions on ag 
options).  I have conference call scheduled w/ Mark Evans to discuss 
efficient use of outside UK counsel on this.   Obviously our tax department 
will also be closely involved in considering these issues.

(5) Physical transactions -- one prototype has been developed for grains, 
another for meats --  Billy Lemmons will head the origination group on this.  
Sometime after Thanksgiving, he and I will go to Chicago to meet with Sidley 
& Austin -- we will present these prototypes to them and ask them to scrub 
the legal issues.

(6) International physical transactions -- Consult w/ Alan Aronowitz re 
expertise for GATT, WTO, EU and other international trade issues involved 


Robert E. Bruce
Senior Counsel
Enron North America Corp.
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com
sara.shackleton@enron.com