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Enron Mail |
FYI..
---------------------- Forwarded by Sheila Glover/HOU/ECT on 07/21/2000 04:44 PM --------------------------- From: Sheila Glover 07/21/2000 04:48 PM To: Jeff Kinneman/HOU/ECT@ECT, Bryan Seyfried/LON/ECT@ECT cc: David A Wall/Risk Mgmt/LON/ECT@ECT, Theresa T Brogan/HOU/ECT@ECT, Laurel Adams/HOU/ECT@ECT, Samantha T Davidson/HOU/ECT@ECT Subject: De-brief of J. Kinneman's London week Jeff, Bryan, Laurel, Theresa and I met with Jeff yesterday as a follow-up to his week in London. The following discussions/items came out of our discussion: This is meant to be a DISCUSSION list to move things forward as quickly as possible. FOR ENRON CREDIT.COM ACTIVITY Enron Credit.com will be trading utilizing the legal entity of Enron North America for 3rd partiy transactions. We need a listing of authorized traders for both Enron Credit.com (uk legal entity) and ENA (us legal entity) The listing gets signed off by Risk Controls and Legal. The authorized list is then distributed to brokers. I will facilitate the process for the ENA side to get included. The inclusion of instruments is appropriate. Confirmation Process for ENA: Laurel Adams will work with London to set up a checklist of the information, review and related documentation required for ENA confirmations. Laurel will receive and file on behalf of ENA. Otherwise all work and review will occur in London for these Enron Credit.com trades which utilitze ENA as the entity. Timeliness of confirmations: ENA policy is 24 hr turnaround and 3-4 days for more ad-hoc confirms. Settlements for Bonds transacted for Enron Credit.com: Houston will settle bond activity. All Risk Managment reporting and Accounting will be the responsibility of Enron Credit.com. Accounting Enron Credit.com will provide to ENA, Financial Operations, the necessary entries for General Ledger booking Funding For the ENA account at the Prime Broker, we will obtain Funding from Corporate. The charges for the funding, 6.5%, will be passed to the ENA General Ledger account for Enron Credit.com's ENA activity. I will talk to Financial Operations to facilitate. Prime Broker Account We can use an existing ENA account for ENA activity. We will request Sara to work with Paul Simons to get a Morgan Stanley prime broker account opened in the name of Enron Credit.com for trading done in Enron Credit.com's name. Funding will be provided by Enron Credit.com. FOR PROPRIETARY DEBT TRADING FROM HOUSTON (in ECT Investments or ENA legal entity) Operations and Acounting Houston Energy Operations to maintain operations for Debt and Convertible Books. Trading may open up another book for Enron Credit. com related activity executed in Houston. Reporting Daily P&L being provided to Enron Europe by 10:00 am (CST) for J. Sherriff reporting Daily P&L, final, sent to Enron Europe and Risk Controls and Reporting (Houston) by 12:00 (CST) Thanks. Sheila
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