fyi -- this is a memo I did a couple of weeks ago on Asian securities
trading. It concluded we would not be able to have our execution personnel
located in Japan and retain our desired flexibility to have margin-funded
trading.

My understanding is that John Greene is investigating other options -- I have
been told to await further word on this -- Bob

Robert E. Bruce
Senior Counsel
Enron Wholesale Services
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com