EnronOnline access to Australian Power products

Thanks for dealing with Tana on these issues. It is not entirely clear to me
what you want the policy to be regarding which counterparties have access to
Australian power products. You probably already know that the EnronOnline
people want every counterparty everywhere in the world to have access to
every product unless Credit or Legal can justify restricting their access.
Credit already performs a financial test on each counterparty to determine if
they meet the CFTC Eligible Swap Participant requirements. Unfortunately,
that test is not as restrictive as the Australian tangible assets test. It
sounds like there should be a US$6 million tangible assets test applied by
Credit before we give any counterparty access to Australian Power (this would
be a total pain but certainly possible). On the other hand, if you feel
comfortable giving access to non-Australian counterparties without that test
being performed, we can do that, too. Pleas let me know if we should ask
Credit to start performing this test on all counterparties or if it should be
limited to Australian entities.