I've spoken with Morgan Stanley this afternoon to get details on progress 
with the ISDA for credit trading.

In brief, they have our ISDA documents and are in the process of reviewing 
them.  They also informed me that Enron North America was in the process of 
negotiating ISDA documents with the same MS entity.  They are going to 
provide consolidated comments to myself and Sara Shackleton in Houston during 
the course of tomorrow.

I'll liaise with Sara to ensure that this gets pushed along at top speed from 
the Enron end.

Thanks, Edmund