Mark,

I posed this question to Mark Haedicke last week and he suggested I ask you:  Will UBS allow counterparties that enter into an ISDA with UBS to net exposure between financial Gas and Power positions when calculating margin requirements?  If so, to what extent, and if not, why?  This would be a major selling point when we're trying to establish relationships with new trading partners and trying to build our financially traded products business.  Please help.  Thanks,

Fletch Sturm
x 3-9684