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To: Elroy Jetson who wrote (50089)	5/17/2004 5:45:25 AM
From: energyplay	Read Replies (1) \| Respond to of 74559

I assume this not a major London bank either ? The other reason is the Euro is being pulled in multiple directions. Its much more expensive to hedge both direction of a deal. With USD we know long term direction....

To: Elroy Jetson who wrote (50089)	5/18/2004 2:01:20 AM
From: LLCF	Respond to of 74559

< I would think there are three possible reasons the Saudis would back away from the Euro. 1.) I have been dealing with the Australian office of a non-Swiss European bank all day. Their inability to deal with even moderately large sums of money in a competent manner is incomprehensible.> I can assure you that #1 is a non-issue. Any I-bank on the planet can make good markets on the Euro. Also, how good a market one needs is related to how badly they want to get out of the alternative(s). :)) DAK