Subject: Online Trading for Australia
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked]
Date: Mon, 13 Mar 2000 06:48:00 -0800 (PST)

David,

I know we've met before on your visits to Houston, I am a paralegal in the 
ENA Legal Department, in the Swap Group under Mark Taylor.  I am the lead 
contact in ENA Legal for counterparty approvals and day to day trading issues 
for EnronOnline.  I coordinate responses for the whole Legal Trading Group 
(financial, physical, power and emerging markets) with the EnronOnline and 
Credit teams.

I understand from my EnronOnline team that I am going to need to approve 
financial trading for all my Houston based counterparties a week from 
Friday.  Right now that list stands at about 600 counterparties (already 
trading).   I was hoping you could direct me as to what restrictions, if any, 
we might have for financial trading in Australia.  Are there any restricted 
counterparties, such as governmentals, utilities, banks, dealers, etc., or 
any restrictions on the products traded (initially I know we are only trading 
financial power, although I'm sure the list will expand over time).   Have 
your GTC's been drafted with cross-border trading in mind?

Similarly, I assume there will be Australian counterparties signing up to 
trade, and the commercial team will want them approved to trade the whole 
range of EnronOnline products.   Are there any provisions we must add to the 
form of North American product GTCs if our counterparties trade a North 
American product from Australia?  Do we have any tax issues or language we 
need to cover?  Our standard form of GTC includes New York law and 
arbitration.  Will that be enforceable in Australia?  Are there any issues we 
need to address if we require collateral (a guaranty or letter of credit) 
with respect to a trade?

Thanks for your help!