Enron Japan agreements (ISDA/futures/brokerage)

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