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Enron Mail |
Is this correct? Rick
---------------------- Forwarded by Rick Buy/HOU/ECT on 12/21/2000 03:25 PM --------------------------- James New 12/21/2000 01:23 AM To: Sheila Glover/HOU/ECT@ECT, Rick Buy/HOU/ECT@ECT cc: Gary Hickerson/HOU/ECT@ECT, Shane Dallmann/LON/ECT@ECT Subject: Re: UK Submission of Positions Shane and I spoke yesterday regarding the USD curve. Whilst taking a curve other than the day end curve is relatively easy to do (once we have agreed a formal procedure and changed the IT feeds) and would give us only minor P&L concerns on a daily basis there is an impact on determining and hedging our USD cashflows. This would undoubtedly be a cost to the UK business. Shane is going to put a note together to outline the issues and have a stab at attaching a monetary cost (although I expect he will have to guesstimate the amounts). Depending on the size this will need to be communicated to the business heads here in London. James From: Sheila Glover 19/12/2000 17:45 To: Rick Buy/HOU/ECT@ECT cc: Gary Hickerson/HOU/ECT@ECT, Shane Dallmann/LON/ECT@ECT, James New/LON/ECT@ECT Subject: UK Submission of Positions Rick, Shane Dallman and I are trying to speak with James to discuss the Libor Curve and its impact on London's reporting. The Libor curve is published daily in Houston at 3:00 pm (CST) at the close of US Trading. The Global Products books are now final closed from Houston so their areas should not be impacted. We will update you when we have spoken to James regarding his areas and possible ways Rate & Currency can assist. Sheila ---------------------- Forwarded by Sheila Glover/HOU/ECT on 12/19/2000 11:35 AM --------------------------- From: Gary Hickerson 12/18/2000 09:40 AM To: Sheila Glover/HOU/ECT@ECT cc: Subject: UK Submission of Positions ---------------------- Forwarded by Gary Hickerson/HOU/ECT on 12/18/2000 09:43 AM --------------------------- James New 12/18/2000 03:10 AM To: Rick Buy/HOU/ECT@ECT cc: John Sherriff/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT, Fernley Dyson/LON/ECT@ECT, Mike Jordan/LON/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT Subject: UK Submission of Positions Rick, Thanks you for your note below. We are today implementing a flash P&L process. We aim to report daily numbers at 7am Houston time and will start today with the P&L. We will build on this and hope to have draft positions and VAR for most books within a week or so. There will be a reconciliation of flash to final numbers which will be included in our return to Houston. I will put together a note on the London DPR production process which goes into the process we currently have, the process we actually need to have, and the obstacles that are in the way. I would expect this to be finalised tomorrow. Obtaining the USD interest rate curve on a more timely basis is just one of our problems but it is unfortunately by no means our only or most serious problem. James From: Rick Buy 15/12/2000 21:59 To: John Sherriff/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT, Mike Jordan/LON/ECT@ECT cc: Gary Hickerson/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT Subject: UK Submission of Positions Need your help on the following: Each day we are delayed in finalising var, p&L and positions because the UK must wait for a USD interest rate curves before submitting their data to Houston. I am also told that it is really not necessary to wait for this curve and the data could be submitted close of business London. Even if there was some minor inaccuracy from this method it would be better than what we have now. This would greatly improve the efficiency (by 4 to 6 hours) in reporting to senior management. Can you guys initiate this change or get me to the right person there. Thanks, Rick
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