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John: I just wanted to stay in the loop for Japan as to Gary Hickerson's FX/rate/equity counterparties. My understanding from Gary is that EGM (through ENA) will continue to hedge the business originating in Japan, subject to tax and any regulatory input. I don't know if this has necessitated an agency arrangement between Japan and Houston (or another office, similar to London or Australia). Also, for netting reasons, Japan would not duplicate existing counterparty ISDA's with ENA, and to the extent Japan is transacting with a bank having an agreement with ENA, we could amend the agreement for multibranch purposes if necessary (e.g., Bank of Montreal if the bank is transacting from multiple locations that need to be added to ENA's agreement). Please advise if you have already had these discussions with Mark Taylor. I look forward to hearing from you. Sara

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Enron Japan agreements (ISDA/futures/brokerage)