Re: Copper curve

Ted,

I agree. Curve review has always been RAC responsibility. Please, let me know
if we can assist you in any way.

Vince

From: Ted Murphy
10/29/2000 10:23 AM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Copper curve

Tani,
Please touch base with Lloyd Fleming as to whom from RAC should review the
methodology. I view that it is the commercial team's responsibility to post
the curve, operations responsibility to gather objective information on the
efficacy of the curve on a (minimum) monthly basis and report all highly
sensitive curves, RAC will not approve or disapprove a curve but question
methodology/motivations and subsequent changes and do so in a senior
management forum (i.e., we will tell on those who have suspect curves or
curve movements). Obviously, we are looking for the best estimate of the
value of those products in those time buckets TODAY, we also favor object,
consistent application of methodoology intra and inter commodity.
Ted

Vince J Kaminski
10/27/2000 04:18 PM
To: Tani Nath/LON/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Steven Leppard/LON/ECT@ECT, Tim
Poullain-Patterson/LON/ECT@ECT, Harry Tefoglou/LON/ECT@ECT, Esther
Gerratt/LON/ECT@ECT, Maureen Raymond/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT
Subject: Re: Copper curve

Tani,

No problem. We shall look at the curve on Monday. I have organized a small
team to examine
the curve from different perspectives.

Curve validation is normally a RAC prerogative and I shall get them involved
on Monday

Vince

Tani Nath
10/27/2000 11:40 AM
To: Maureen Raymond/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Steven Leppard/LON/ECT@ECT, Tim
Poullain-Patterson, Harry Tefoglou/LON/ECT@ECT, Esther Gerratt/LON/ECT@ECT
Subject: Copper curve

Following Steve's note to you earlier today, I wanted to mention that we have
a fairly urgent need for review of the copper curve in particular, as there
is a deal due for final pricing in the next few days.

I am not sure what data you have received from Enron Metals in London, so I
am asking Tim Poullain-Patterson to ensure that you have the curves and the
economic justification proposed as soon as possible. Please direct any
questions to him or to Harry Tefoglou. I will be in the Tokyo office next
week, but available via e-mail.

Thanks in advance for your assistance,

Tani