Susan:  I wanted to clarify  whether Enron Australia Pty.
Ltd. needs to  execute ISDA Master Agreements with the SAME counterparties which already  have agreements with ENA (and vice versa).
As an example, I can only rely  upon tax advice ENA has previously received in connection with the services  agreement between ENA and ECT Canada.
For book and tax purposes, the trade  is recorded on the risk books of the Enron affilate ultimately booking the  trade but the transaction is actually documented in the name of the Enron  affiliate having the Master Agreement with the counterpary.
The Enron  affiliate having the Master Agreement with the counterparty then transacts  with Risk Management & Trading Corp. (through a bulk swap arrangement).
The  credit risk remains with Risk Management & Trading Corp. (through an internal  back to back transaction with the "booking" Enron affiliate)  for which the  "booking" Enron affiliate will presumably pay a fee pursuant to the services  agreement.
Consider:  ENA is negotiating an agreement with Commonwealth Bank of  Australia.
Will Enron Australia require a separate master with Commonwealth  Bank of Australia?
Or will the services agreement permit the hereinabove  described arrangement?

Financial Trading - Enron affiliates
Susan: I wanted to clarify whether <COMPANY> Australia Pty.
Ltd. needs to execute ISDA Master Agreements with the SAME counterparties which already have agreements with <COMPANY> (and vice versa).
As an example, I can only rely upon tax advice <COMPANY> has previously received in connection with the services agreement between <COMPANY> and ECT Canada.
For book and tax purposes, the trade is recorded on the risk books of the <COMPANY> affilate ultimately booking the trade but the transaction is actually documented in the name of the <COMPANY> affiliate having the Master Agreement with the counterpary.
The <COMPANY> affiliate having the Master Agreement with the counterparty then transacts with Risk Management & Trading Corp. (through a bulk swap arrangement).
The credit risk remains with Risk Management & Trading Corp. (through an internal back to back transaction with the "booking" <COMPANY> affiliate) for which the "booking" <COMPANY> affiliate will presumably pay a fee pursuant to the services agreement.
Consider: <COMPANY> is negotiating an agreement with Commonwealth Bank of Australia.
Will <COMPANY> Australia require a separate master with Commonwealth Bank of Australia?
Or will the services agreement permit the hereinabove described arrangement?
advice pty needs execute affilate credit risk remains versa example rely isda master agreements australia require separate previously received connection hereinabove described arrangement book tax