Mark - How would we structure transactions in UK gas, UK weather, Brent and metals with the various hedge funds run out of New York?  Is there a way to back-to-back them with our London office through their existing ISDAs or would they have to enter into new ISDA agreements with ECTRIC?  Any thoughts you have on this matter would be well received in these quarters.  Thanks.  Frank

 -----Original Message-----
From: 	Zivic, Robyn  
Sent:	Monday, October 22, 2001 2:16 PM
To:	Musch, Susan
Cc:	Abramo, Caroline; Dyk, Russell; Lassander, Richard; Radous, Paul; Sayre, Frank
Subject:	European Products

	
Susan-
As a follow-up on our earlier conversation, the list of European Products which our Hedge Fund Counterparties will probably have/ currently have interest  in trading with Enron are:

UK Gas
UK Weather
Brent
Metals

It is my understanding that the above products are booked under various Enron entities - ie Enron Europe, Enron Global Markets and Enron Liquids & Fuel Inc (ELFI)

Could you pls let us know if we will run into tax problems if: we book all financial transactions between ENA and our counterparties and then 
do an Internal transaction between ENA and the above entities to move the risk to the appropriate book.

Thanks for your help

Beat regards, 
Robyn
212-715-2396