81.   The trading operation also is winding down offices in Europe and Texas.

82.   Three firms, including Citigroup and UBS Warburg, submitted proposals Monday to take control of the trading operation.

83.   Trading activities normally conducted in Paris will be taken over by other Credit Lyonnais trading operations throughout the world, he said.

84.   Two weeks earlier, El Paso Corp. also said it would curtail its trading operations and focus instead on its natural gas exploration and pipeline business.

85.   UBS Warburg, the investment bank bought the Enron trading operation in February, and the company said they had no liability for any violations committed under former management.

86.   Under the deal, Enron would get one-third of the profits from the trading operations that UBS Warburg is taking over through a licensing agreement.

87.   Under the terms being hashed out, UBS would start up a new trading operation in Houston using employees, technology and office space provided by Enron.

88.   Two decades ago, most banks had no significant trading operations, so central bankers had few guidelines concerning regulatory capital.

89.   Whalley, who now runs the trading operation for UBS Warburg, declined to comment.

90.   With diesel fuel stored in the lowest of four basements, the trading operation can be sustained for three days.