Attached is the latest Cadwalader draft memo addressing additional risks  posed by newer, illiquid products (specifically paper and pulp) and  minimization of the risks.
My goal is for  the paper and pulp group to adopt  the recommendations.
Please take a look at the memo and give me your  comments.
I would like to respond to Cadwalader by the middle of next week.
Please let me know if you have any questions.
Thanks.
Sara

Revised Memorandum regarding pulp and paper transactions