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Enron Mail |
No, the ETA says that if you have a master agreement in place it governs
trades in the relevant commodities. In fact, we used that language to mollify the people who were afraid we were going to stop sending confirms when they first signed up for EnronOnline. To the extent we want to eliminate confirms for counterparties with masters, we will need their agreement. From a technical legal perspective we could probably eliminate the confirms for GTC-governed transactions without asking the customer first. Whether or not that is a good idea from a customer relations/marketing/PR view I will leave to others. Since some customers seem to want this pretty badly, you might consider offering to do away with the paper for customers who sign up for your new data transfer arrangement before making it generally available...... Andy Zipper/ENRON@enronXgate 04/25/2001 08:41 AM To: Mark Taylor/HOU/ECT@ECT cc: Subject: FW: Elimination of Confirmations for EOL Transactions Question: Does the ETA trump any language in an existing ISDA regarding the signed confirm being the governing doc for a trade ? -----Original Message----- From: Beck, Sally Sent: Tuesday, April 24, 2001 1:24 PM To: Gros, Thomas D.; Zipper, Andy Cc: Piper, Greg; Reeves, Leslie Subject: Elimination of Confirmations for EOL Transactions Leslie Reeves and I met today with Mark Taylor and Mark Haedicke to discuss the eliminination of confirmations for transacations executed on EnronOnline. Mark Taylor has been supportive of the elimination of confirmations, and in the meeting today Mark Haedicke agreed. This elimination of confirmations will have to be reviewed on a counterparty by counterparty basis, and for each counterparty, commodity by commodity. Next steps: Document EOL process and records that can evidence the execution of a transaction (ease of availability, type of record available, retention schedule for records, etc. (Sheri Thomas?) Create a priortized list of counterparties to be approached for elimination of confirmations - large number of transactions, those that have asked for paper-relief, etc. (Leslie Reeves/Kim Theriot) Set up meeting with Andy Zipper, Jay Webb, Tom Gros, Mark Taylor, Jeff Hodge (Legal-Physical Gas), Elizabeth Saeger (Legal-Power), and Leslie Reeves to review game plan for elimination of confirmations and impact on ConfirmLogic (my assistant will set up meeting)
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