I'm just sitting here worrying about one of my side deals with Frank, so just  to reiterate a global shut down (like-no one does Credit Derivatives unless  we really mean it), no non-European based counterparty (in all probability,  no counterparty originating from U.S. Credit) should be approved to trade  European physical power products.
They have licensing requirements similar  to our FERC licensing.
Thanks!

European Physical Power