It has recently emerged that we have concluded financially-settled trades 
from London with Sempra in the name of ECT (Houston).

Unfortunately, this could create a significant tax issue for ECT (Houston) 
i.e. a taxable presence in the UK.

Therefore, if we wish to continue trading with Sempra from London, we must 
trade in the name of ECTI (aka ECTRIC), but not ECT (Houston). 

This principle applies generally  - London should not bind ECT (Houston) to 
trades with counterparties.

Please call Janine Juggins or myself if you would like to discuss this.

Best regards

Paul