Vega V@R, Credit Reserve Model update

Attached is a draft of the Vega VaR implement documentation. We will discuss
this issue tomorrow.

Index VaR and the Vega VaR status:
Because any modification of the VaR model has to be coded into the new
version by IT, the Index VaR model and the Vega VaR model are on the waiting
list to get into IT group's door. Currently, they are struggling with the
Credit Model. Accord to Jonathan Le, they will implement the "Prudency"
model after the "Credit" and before anything else. So, it's uncertain when
they can begin these two projects.

Credit Reserve Model status:
New version developed by IT is still in the debugging stage. Two major
difference exist between the new and old versions:
1) Old version uses delta-gammar methodology, new version uses full
evaluation. IT group is not comfortable with their implementation of the
"Spread option" and "Swaption" evaluation. I am working with them on it.
2) Insurance projects are new to the new version. IT also wants our help too.

Only after the IT finishes the debugging process, could we start testing the
new version with the current one.

Thanks.

Vincent