I think the answer to this is no, but Mark Taylor and others are working on this issue among others yesterday and today.  Sorry, i am out and did not get your message until just now.  Mark Haedicke

-----Original Message----- 
From: Sturm, Fletcher J. 
Sent: Thu 1/31/2002 1:48 PM 
To: Haedicke, Mark E. 
Cc: 
Subject: Netting



Mark, 

Has UBS decided to allow for true netting of cross-commodity exposure with counterparties under the master ISDA?  I'd like to know as this is an important pitch to our customers to trade financial products with us in power initially until we receive our physical license.  Could you get back to me before 2:30pm today?  Thanks,

Fletch Sturm