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Enron Mail |
Susan just to confirm our conversation this morning. We have the all clear in
respects to load up HDD and CDD products with ENA as the counterparty which reference temperature readings in Australian cities. The contractual will be USD. Trading can commence as soon as they can be loaded. Services provided by Enron Australia to ENA associated with this activity be charged under to ENA under the EA/ENA Service Agreement. I understand from a tax perspective the situation is essentially the same should weather readings be for Japanese rather than Australian cities. However, irrespective of the source of the weather data (Australia, Japan, USA etc) Jane has advised there is a level of legal due diligence will need to be conducted if a potential counterparty is incorporated in Japan. This relates to the ability to enforce a trade through the Japanese legal system, which would be necessary should the counterparty only have assets in Japan. In other words the legal issue relates to the place of incorporation/business of the counterparty not the source of the weather readings.
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