John:  I just wanted to stay in the loop for Japan as to Gary Hickerson's  FX/rate/equity counterparties.
My understanding from Gary is that  EGM  (through ENA) will continue to hedge the business originating in Japan,  subject to tax and any regulatory input.
I don't know if this has  necessitated an agency arrangement  between Japan and Houston (or another  office, similar to London or Australia).
Also, for netting reasons, Japan  would not duplicate existing counterparty  ISDA's with ENA, and to the extent  Japan is transacting with a bank having an agreement with ENA, we could amend  the agreement for multibranch purposes if necessary (e.g., Bank of Montreal  if the bank is transacting from multiple locations that need to be added to  ENA's agreement).
Please advise if you have already had these discussions with Mark Taylor.
I  look forward to hearing from you.
Sara

Enron Japan agreements (ISDA/futures/brokerage)