European Physical Power

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!