Re: Amerada-Hess Corporation

hi tana

they're fine for non US & Canadian based products (including physical power)
- the standard exceptions would be US power, weather and credit derivatives

j

From: Tana Jones on 22/03/2001 16:48 CST
To: Justin Boyd/LON/ECT@ECT
cc:

Subject: Amerada-Hess Corporation

As an introduction: The referenced counterparty is trying to straighten out
the online products it wants to trade with us (it's open for some, but not
all of the products it wants to trade).

When I looked at Profile Manager to see what they had already been approved
to trade, I noticed that this counterparty was opened to trade many of the
European products, including specifically European physical power products
(which is unusual for a US based counterparty to trade).

Before I go in and change the profile for this counterparty, I wanted to
check with you and see if London had specifically opened them to trade the
products they were opened to trade (especially physical power).

What I usually do when I am approving US based counterparties, is that with
respect to Non Us & Canadian products, as long as they are an Eligible Swap
Participant I open them up for all products except European physical power,
which I never open them for. Also, Credit Derivatives, I never open anyone
up for unless we really mean it.

So, my question to you is did London actively approve the non US & Canadian
based products (especially physical power). If you didn't, then I am going
to take this as an oversight of the pre-approval process and shut them down
for European physical power.