Thanks for your response John, I think it provides the clarification that we 
need to move forward.
I have one further question for you relating to current ISDA/exchange 
agreements that we have in place in Enron Japan.

Below are all exisiting ISDA and brokerage agreements that Financial trading 
currently has in place. Does Enron Japan have any ISDA/broker agreements in 
place that we can use for the purpose of executing financial trades?  
(perhaps with some of the names on the attached list?)If so, do you know what 
sort of credit has been extended and/or whether there is netting versus other 
commodity books or dedicated activity credit?

If we do not have any agreements in place which would allow us to conduct 
trades, do you know who I should contact regarding necessary documentation?

Sincerely,
Darren






---------------------- Forwarded by Darren Delage/HOU/ECT on 08/17/2000 12:12 
PM ---------------------------
From: Sara Shackleton on 08/17/2000 11:43 AM
To: Darren Delage/HOU/ECT@ECT
cc: Samantha Boyd/NA/Enron@Enron, Laurel Adams/HOU/ECT@ECT 
Subject: brokerage agreements

Darren:  Laurel mentioned that you were interested in existing/pending 
brokerage/futures agreements.  Attached are our most recent matrices by Enron 
company.  ALL of these agreements are negotiated by legal and must be 
executed by the business unit (VP or higher) and Ted Murphy.  Sheila Glover 
always sends a request and explanation for new account to legal, compliance 
and Ted Murphy.  Legal keeps a comprehensive listing by Enron company in an 
effort to avoid confusion.  Legal updates authorized trader lists and trading 
resolutions.  Let me know if you have any questions.  Sara