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Enron Mail |
Cc: fernley.dyson@enron.com, beth.apollo@enron.com, naomi.connell@enron.com,
james.new@enron.com, mike.jordan@enron.com, sally.beck@enron.com, donna.lowry@enron.com, ted.murphy@enron.com, cassandra.schultz@enron.com, brent.price@enron.com Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: fernley.dyson@enron.com, beth.apollo@enron.com, naomi.connell@enron.com, james.new@enron.com, mike.jordan@enron.com, sally.beck@enron.com, donna.lowry@enron.com, ted.murphy@enron.com, cassandra.schultz@enron.com, brent.price@enron.com X-From: Doug Imrie X-To: Shona Wilson X-cc: Fernley Dyson, Beth Apollo, Naomi Connell, James New, Mike Jordan, Sally Beck, Donna Lowry, Ted Murphy, Cassandra Schultz, Brent A Price X-bcc: X-Folder: \Sally_Beck_Dec2000\Notes Folders\Doorstep X-Origin: Beck-S X-FileName: sbeck.nsf Per your e-mail, please find enclosed responses to the Open Observations having missed Target date. This is an update to clarify the outstanding issues which may have been outstanding on the Doorstep Database:- London Phase I The Authorised Trader Listing was released, with processes for updating, on 1 Sep 2000. Issue now closed. London Phase II No formalised process is in place for monitoring the receipt and execution of confirmations for Pulp & Paper trades Formalise procedures to ensure confirmation execution status is monitored on a regular basis and that execution rates meet Enron operating standards June 30 August 31 The confirmation process for Pulp & Paper trades is slowed by the Credit review process being performed by Houston- Credit Move credit review responsibilities to London-Credit for European Pulp &Paper. August 31 No automated process exists to ensure Pulp & Paper Settlements is aware of all transaction settlement dates. Enhance functionality of SIFT to provide Settlements with timely, automated notification of settlement dates August 31 No established procedure in place to provide evidence of Legal and Credit review of applicable terms and conditions for Pulp & Paper transactions Formalise Legal and Credit review and sign-off procedures for applicable Pulp & Paper trades and define those trades which Legal and Credit are required to review. July 31 August 31 The above points have been noted and considered. However these points are forward looking and at present as there are no trades being executed within Europe for Pulp and Paper transactions there has been no requirement for this information. Going forward taccountability for these actions rests with Cindy Horn and systems /procedurtes will be in place prior to completion of trades within the Pulp and Paper function. Therefore all points are closed. No List of authorised traders for Weather, Pulp &Paper, Coal and Credit Formalise procedures to create and update authorised trader listing to ensure trades are conducted by authorised personnel and that FSA audit requirements are satisfied. July 31 August 31..... The Authorised Trader Listing was released, with processes for updating, on 1 Sep 2000. Issue now closed. Lack of Master Agreements in place for a significant number of counterparties. Furthermore, the majority of trades are documented on counterparty paper or broker confirmations. Continue Commercial and Legal efforts to execute Master Agreements with targeted counterparties. Develop a process to ensure Commercial, Legal and RAC review progress on a regular basis. Ongoing..... July 31 The elimination fo the backlog of Master Agreements is ongoing. The progress is analysed and reported within London. Hence point closed. No formal policies and procedures are in place for hedging and monitoring FX exposures across the company; consequently not all exposures are effectively managed by the FX trading desk. Develop a method to track and monitor FX exposure both at an individual book level and at Enron consolidated level. Formalise Enron policies and procedures concerning FX hedging strategy. July 31 August 31...... Arthur Andersen are currently completing a review of the FX exposures, the first stage of two has now been completed. Once the whole review is complete Enron Europe will work on the recommendations to ensure effective management of exposures via the FX trading desk. Deal information incomplete on deal tickets Require traders to provide complete deal information on deal tickets to ensure downstream information requirements are met. Immediately Ensured, now all deal tickets are fully completed and stored electronically. Issue now closed. Oslo Not all full requirement contracts and NPTA agreements are translated into certified English versions Obtain certified English translations for all full requirement contracts and NPTA agreements Confirms did not need to be translated when Norwegian speaker supervised London documentation function Recruit Norwegian speaking staff Yumi Joy Takei (Norwegian Speaker) has been employed. Not all confirmations are recorded in English as Yumi has sufficient language skills to interpret where necessary. Issue now closed. Singapore Based on discussions in Singapore, the Korean trader appears to be executing trades in Korea even though these transactions are confirmed via the Singapore office. Also, the Korean trader has employed a Korean logistics employee - Visit office and confirm roles and responsibilities Install technology so that all incoming and outgoing faxes are concurrently received in Singapore Monitor these faxes The roles and responsibilities of the Korean office were completed by Tim Poullain-Petterson and Tiong Hok Lim during their visit of the week commencing 10th July. Per Tiong Hok Lims e-mail of 11th August the fax system has now been installed and will be monitored on a regular basis. Item now closed. If anybody has queries or comments on any of the above points could you please contact me immediately. Kind regards D
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