Frank,

By not being able to trade C$ denominated products we would not be able to trade most of the physical products including cash, one month, index gas, or be able facilitate long term structures.  Having said that, if the time period for not trading these products was only 45 days, they could get past that without any major damage being done.  It will take longer to get physical contracts in place in Canada than it will financial.  The extra time the Canadian office would have before it traded physical C$ products would allow them to obtain a critical mass of trading counter parties.  If it was going to be 120 or 180 days, then there would be problems.

I hope this helps, let me know if you need any else.

Regards,

Jon

 -----Original Message-----
From: 	Hayden, Frank  
Sent:	Monday, January 07, 2002 10:35 AM
To:	Mckay, Jonathan
Subject:	

Jon,
Dealing with Canadian issues and NETCO.  Original thought was that legacy deals go away and we can do in Canada as we do in US.  Unfortunately feedback is that currency issue will still exist.  In your minds eye, will it put Canada out of biz if we require that during first 45 days only "US like" transactions occur?  

Your feedback would be great.
Thanks,
Frank