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