input stringlengths 93 39k | output stringlengths 1 117 |
|---|---|
My fax won't go through, I appear to have a bad number.
Can one of you provide me with a new fax & phone numbe ror contact Mr. Blaquier.
Thanks!
| DAPSA |
Bob Klein from Salomon Smith Barney would like to arrange a conf.
call tomorrow at 11:00 am.
I checked your calendar and you look clear so I told him that was OK and that we would call him.
| NYMEX |
I spoke to Howard Volz at CT Corporation today, and he said he sent the renewal to DAPSA in November (their renewal date is Feb. 1 of each year) and hasn't heard from them.
I asked him to refax the renewal notice to them.
He said CT will not revoke the consent for about 5-6 more weeks, so we've got some time to resolve this.
I'll keep you posted.
| DAPSA |
I do not appear to be having a winning record for getting my approval list right the first time today.
Attached is also a revised list for 01/31/00.
Mea culpa, mea culpa, mea maxima culpa...
| Tana Jones: 0-2 |
Attached please find referenced list.
Again, no European power for U.S. counterparties until further notice.
On Sithe Power where we only changed the counterparty id #, there is no change from my previous approval.
| Counterparty Approval List for 02/02/00 |
Just a reminder to talk to me Monday about the utilities.
I was not aware we were not currently trading financial power, which they are getting ready to open up.
I figure the utilities will start squealing loudly when they cannot trade.
So, I've go to start opening up my utilities...
| Utility Counterparties |
Marie was just telling me about your rough tour of duty in the French Alps next week.
I speak a little high school French...perhaps you might need some assistance while you are there...?
!
| Parlez Vous Francais? |
Attached please find the referenced list.
On the amended counterparties, Southwestern Public Service Company is the only one with a change, with Enron sells power only, and on the only new counterparty, Minnesota Power, we've got Enron selling power only also.
Again, no European power for U.S. counterparties until further notice.
| Counterparty Approval List for 02/03/00 |
Mark and I were discussing my potential purchase of a car, and were looking at some web sites, and thought we would pass on the following car buying web sites: www.edmunds.com (tells you what prices to pay for cars, safety records) www.consumer.org (Consumer Reports Magazine Web Site, more to car safety, repair records) www.carclub.com (if you go to "research advice", then click on "crash test results" they have some info on SUV crash tests.
Since y'all don't have as many SUV's on the road in England you may not know that some of them have failed the crash tests big time, and that also because their point of gravity is up higher they tend to rollover (or "tump" as we say here in Texas) when you make a sharp turn (like to avoid an accident).
Anyway, we were a little concerned about your safety...
| New Car Info |
I have created a database for the Legal Dept., somewhat similar to how the master swap agreement database works, for us to keep track of our approvals for EOL trading, as well as any executed amendments to the EOL Password Application, ETA, GTC, or any other EOL documents.
I have been inputting the data for the Houston based Credit counterparties, and was wondering whether you want me to input the London based Credit counterparties or not.
I have no idea whether you've approved them or not, you'll have to input that data, or you could send it to me and I can input it for you.
Also, I don't know what counterparties you've had since the initial three big counterparty lists...But I know you are busy and it might be hard for you to find the time to input the initial counterparty data, unless you have an assistant do that.
Anyway, we (me, since I'm the one approving all new counterparties for every Legal Group in Houston!)
have been using it and are finding it very helpful).
It is also helpful for when I'm out so Mark Taylor can look to see whether I've approved a counterparty or not and what rationale I had for the approval (usually I only put in info when I don't approve a counterparty).
Anyway, the link to the database is attached, so why don't you take a look at it just to see what I'm doing.
We're still working on some of the sorts and inputting the data, so it's not fully operational yet.
Anyway, give me your thoughts...Don't make any changes, it'll screw things up...
| EOL Database |
Attached please find the referenced list.
Since all the counterparties are amended counterparties, my changes are as follows: 1.
Statoil - no change in earlier approvals 2.
Texla - I don't think it's a change, but they cannot trade US power, also there is no change for financial, I previously said and we continue not to trade financial.
3.
Avista Corporation- Washington Water Power Division.
For financial trading for Avista Corporation I previously said no financial trading.
I am going to open them up for all financial trading.
They can trade under the Avista Corporation name, or they can trade as Avista Corporation, acting through its Washington Water Power Division.
For power trading, they can trade all US West power products, but can Enron can only sell to Avista for US East power products.
Again, no European power for US counterparties until further notice.
| Counterparty Approval List for 02/09/00 |
I have not heard back from DAPSA with respect to the Consent to Service of Process.
Can your business contact there give them a call?
Thanks.
| DAPSA |
I went through our Lotus Notes Master Swap Agreement Database and determined that the following masters do not permit power: The Bakersfield Californian newprint only Bayerische Hypo-und Vereinsbank AG no commodity transactions CGAS, Inc. natural gas only (are currently shut down for trading because authority certificate only covered one trade) Coastal Gas Marketing Company natural gas transactions only Credit Lyonnais New York Branch (AAA Program) no commodity transactions E.W.
Scripps Company (The) 48.8 gram newsprint swaps only Lehman Brothers Special Financing, Inc. no commodity transactions.
Weather is ok Mellon Bank NA FX and currency option transactions only Midland Bank plc FX and currency option transactions only National Westminster Bank FX and currency option transactions only Palladium Insurance Limited weather only Phibro, Inc. energy price swaps based on fixed and floating prices of natural gas, crude oil or oil products and/or call and put options based on the prices of natural gas, crude oil or oil products Praxair, Inc. natural gas only PXRE Corporation weather only St. Paul Re (Bermuda) Ltd. weather only Tempest Reinsurance Company Limited weather only Westdeutsche Landesbank Gironzentrale FX and currency option transactions only
| Power Financial Trading Limitations |
Please find attached the referenced list.
For Enserco Energy, Inc., my previous approvals remain the same except for power, which has been shut down for trading (I can't just copy the last excel spreadsheet since the columns are not in the same order anymore).
Then, the only other new counterparty is also shut down for power but open for everything else.
| Counterparty Approval List for 02/10/00 |
I have received executed copies of the following assignments of certain EOL trades (physical and financial): 1.
Assignment and Assumption Agreement dated as of December 29, 1999 by and among Aquila Risk Management Corporation ("Assignor") and Aquila Energy Marketing Corporation ("Assignee") and Houston Pipe Line Company 2.
Assignment and Assumption Agreement dated as of December 29, 1999 by and among Aquila Energy Marketing Corporation ("Assignor") and Aquila Risk Management Corporation ("Assignee") and Enron North America Corp. 3.
Assignment and Assumption Agreement dated as of December 29, 1999 by and among Aquila Canada Corporation ("Assignor") and Aquila Energy Marketing Corporation ("Assignee") and Enron North America Corp.
Copies of these assignments will be sent to the usual distribution group.
| Aquila EOL Trade Assignments |
I have received the executed First Amendment to ISDA Master Agreement dated as of May 25, 1999.
This amendment deletes the prior Confidentiality provision in the ISDA Master Agreement and replaces it with our current Confidentiality language.
This change will allow either party to provide copies of the agreement to its Affiliates.
Copies will be distributed.
| Duke Energy Trading and Marketing, L.L.C. |
Attached please find the referenced lists.
Please note the following: 1.
For Puget Sound, no change in our earlier approvals except for power.
For power, open for West products, but ENRON SALES only for East products.
2.
For Ferrell International Limited, Credit shows them as an amended CP, but I have no record of seeing them before, so I treated them as a new CP.
Again, no European power for U.S. counterparties.
| Counterparty Approval Lists for 02/14/00 , 02/15/00 and 02/16/00 |
We have received fully executed copies of the following assignments of physical natural gas transactions: 1.
Assignment of Various Natural Gas Transactions by and between El Paso Merchant Energy-Gas, L.P. and Enron North America Corp. 2.
Assignment of Various Natural Gas Transactions by and between El Paso Merchant Energy-Gas, L.P. and Enron Canada Corp.
Copies will be distributed.
| El Paso-Assignment of EOL Physical Natural Gas Transactions |
Attached is the referenced counterparty approval list.
On Encal, the only amended counterparty, I don't know if this is a change or not from the prior approval, but Leslie shut them down for power.
All other prior approvals for that counterparty should remain the same.
| Counterparty Approval List for 02/17/00 |
This will confirm our conversation today regarding which European jurisdictions are approved for trading credit derivatives: the U.K., Sweden, Norway, Finland and Switzerland.
The European jurisdictions which are not approved to trade credit derivatives include: France, Germany, Gibraltar, Ireland, Italy, Scotland, Spain, and The Netherlands.
For banks incorporated in a non-approved jurisdiction, it may be possible for them to trade out of a branch located in an approved jurisdiction (i.e.
U.S. and U.K. branches).
This would have to be determined on a case by case basis.
Per our conversation, Canada is also not an approved jurisdiction for credit derivatives.
Please let me know if there are any changes to this list.
| Credit Derivatives - Approved Jurisdictions |
Per my conversation with Credit, it appears there are two Northern States Power Companies.
We have already reviewed Northern States Power Company, a Minnesota corporation (cpy ID #265).
The counterparty that showed up on yesterday's list is Northern States Power Company, a Wisconsin corporation (cpy ID #161).
The Wisconsin corporation is a sub of the Minnesota corporation.
I don't know if this makes any difference in your approvals...
| Counterparty Clarification |
With the execution of the Wisconsin Gas Company master, this brings the total executed financial masters to 400.
The countdown to 500 executed financial masters is now starting!
Congratulations to the Legal and Credit teams for getting us to this point and for a job well done!
| 400 and counting... |
Rick Tucker at Pan Canadian (he used to be at PG&E) called and has been speaking to Willie Harrell on the Confirm Desk, and I believe Willie spoke to Mark about this issue yesterday, but it appears to be unresolved and I think Mark was going to talk to you about it.
Pan Canadian is doing EOL trades, and wants to know why he keeps getting the online confirms w/the GTC's attached since the way the system is set up he technically is already agreeing to the GTC's online.
He feels he is having to look at a lot of unnecessary paper.
Rick will be out of the office Friday and Monday, but was hoping you could give him a call Tuesday to discuss this issue.
His phone # is 713/331-5049.
FYI, we do not have a master in place with Pan Canadian Energy Services.
| EOL-Pan Canadian |
Attached please find the referenced lists.
Please note: Tampa Electric Company can do power sells only.
Even though Peoples Gas is a division of Tampa Electric, it cannot trade power because its power marketing license was not granted in that name.
Further, I earlier shut down Tampa Electric Company for financial trading, and I am now opening them up for financial trading, either as Tampa Electric or Peoples Gas.
| Counterparty Approval Lists for 2/29/00 and 3/02/00 |
I am confirming my conversation with you yesterday and my conversation a minute ago with Lori Volpi at Dynegy Canada.
As we discussed, Dynegy Canada is trading with both ECC and ENA, with the bulk of its trading being done with ECC.
Instead of getting two ISDA Master Agreements in place, we will enter into an ISDA Master Agreement between ECC and Dynegy Canada, and then just back-to-back any ENA trades down to Houston by virtue of the Services Agreement for Financial Agreements we have in place between ECC and ENA.
Per my conversation with Lori, this will also work with the EOL trades since the Electronic Trading Agreement provides that any financial trades done for either ECC or ENA will be transacted under the respective master agreement in place with either ECC or ENA.
Works for me...!
| Dynegy Canada, Inc. |
I had Calpine Power Services Company shut down for financial, and we got the master in signed, so I am going to open them up.
Can you add them to tomorrow's list.
Thanks!
| Addition to Tomorrow's EOL List |
I don't know what list you are working from for your approval of credit derivatives, but attached is the list EOL sent me.
Many of the counterparties on the list are London based credit counterparties, and I will not be reviewing those, but I thought you might want to take a look at this to see if it's jiving with what you're looking at.
When I'm done (probably some time at end of the day since I just got the list yesterday and it's due today!
), I will be emailing my approvals to Mark Dilworth in London.
| Revised counterparty list for credit derivatives approval |
Per my conversation with Edmund this morning, we are moving Germany to the approved list for trading credit derivatives.
Below is the list, now updated to reflect this change.
European jurisdictions which are are approved for trading credit derivatives: Finland, Germany, Norway, Sweden, Switzerland, and the U.K..
The European jurisdictions which are not approved to trade credit derivatives include: France, Gibraltar, Ireland, Italy, Scotland, Spain, and The Netherlands.
For banks incorporated in a non-approved jurisdiction, it may be possible for them to trade out of a branch located in an approved jurisdiction (i.e.
U.S. and U.K. branches).
This would have to be determined on a case by case basis.
Canada is also not an approved jurisdiction for credit derivatives.
Please let me know if there are any changes to this list.
| Update to Approved Jurisdictions - Credit Derivatives |
To confirm our conversation, can you add "Credit Derivatives" as a new products to my database.
We will need the same drop downs as the other produsts (gas trading, financial trading, etc.).
Thanks!
| EOL Legal Database |
Below is the list of the final work we need you to bid on for the downstairs apartment: 1.
Paint inside of bathroom cabinets 2.
Paint outside and inside of kitchen cabinets 3.
Fix bottom of drawer of kitchen cabinet located right of dishwasher 4.
Replace closet rod in front bedroom to match other closet's rod 5.
Hammer down shelf ends that are loose in closet in back bedroom 6.
Clean ends of door hardware that have drips on them.
7.
Rehang blinds (we'll have to buy new hardware for existing blinds and then I will have to buy new blinds if any were bent by the kids) Did I catch everything?
| Downstairs Apartment |
Below is the list of the final work we need you to bid on for the downstairs apartment: 1.
Paint inside of bathroom cabinets 2.
Paint outside and inside of kitchen cabinets 3.
Fix bottom of drawer of kitchen cabinet located right of dishwasher 4.
Replace closet rod in front bedroom to match other closet's rod 5.
Hammer down shelf ends that are loose in closet in back bedroom 6.
Clean ends of door hardware that have drips on them.
7.
Rehang blinds (we'll have to buy new hardware for existing blinds and then I will have to buy new blinds if any were bent by the kids) Did I catch everything?
| Downstairs |
We have some files in an empty cubicle that kinda look like global contract files.
They have global contract sheets and numbers attached to the front of the documents in the files.
If they belong to anyone in your group they need to be claimed now, because we are doing a cubicle restructuring this weekend and those files will be moved and if unclaimed eventually gotten rid of.
Can you have someone come
| Files |
Please add TXU Energy Trading Company to list.
We had an old style "ERMS" master in place, so they weren't allowed to do power, but now we have an ISDA in place (even tho' Brant Reves threw out the new guaranty, but that is another story!
), so I am going to open them up for weather.
| another addition to list |
Attached is the referenced list.
I am responsible for those counterparties originating from Houston Credit.
Edmund Cooper is responsible for the UK Credit based counterparties.
I am still resolving issues on about 8-10 counterparties.
If something doesn't make sense, let me know.
| Credit Counterparty Approval List |
Per my conversation with Edmund this morning, we are moving the following countries to the non-approved list: Austria, Belgium, Croatia, Czech Republic, Denmark, Poland, Portugal, Romania, Singapore, and Slovenia.
Below is the list, now updated to reflect this change.
Jurisdictions which are are approved to trade credit derivatives: Finland, Germany, Norway, Sweden, Switzerland, the U.K, and the U.S.. Jurisdictions which are not approved to trade credit derivatives include: Austria, Belgium, Canada, Croatia, Czech Republic, Denmark, France, Gibraltar, Ireland, Italy, Poland, Portugal, Romania, Scotland, Singapore, Slovenia, Spain, and The Netherlands.
For banks incorporated in a non-approved jurisdiction, it may be possible for them to trade out of a branch located in an approved jurisdiction (i.e.
U.S. and U.K. branches).
This would have to be determined on a case by case basis.
Please let me know if there are any changes to this list.
| Updated Jurisdiction List-Credit Derivatives |
We've received a personal invitation to a NYMEX Crawfish Boil on April 3 at 5:00 at Garden in the Heights at 3926 Feagan.
The cause of this celebration is the 10th anniversary of the Nat Gas futures contract.
It would be nice if Shankman and John Arnold could attend.
Perhaps you can give them a personal invitation...
| Another NYMEX Shindig |
We have received the amendment to the BC Gas ISDA Master executed by BC Gas, which adds the Canadian Securities Representation, so we don't have to add the rep into every confirm.
BC Gas won't sign the confirms with the rep in, and this has caused much difficulties.
I am going to count it as signed, since BC Gas has signed, but we still need it to be signed by ECC.
Can you get it signed ASAP and back to me.
Much thanks.
| BC Gas Amendment |
We have received the executed Amendment to the Subscription Agreement with WeatherTrade, Inc. dated March 2, 2000.
This Amendment amends the Transaction Fee referenced in subparagraph (c) of the Fee Schedule to the Subscription Agreement.
Copies will be distributed.
| WeatherTrade, Inc. |
It appears you missed some cpys on the referenced list because Tom had the freeze panel button on, and you probably didn't see them at first.
I didn't either until I clicked on the down button and they popped up.
When you have a minute, I'll give me a call and I'll come around and show you how to unfreeze the panel.
| Change on Approval List for 3/8 |
I spoke to Edmund to get the scoop on what we are going to be doing on the confirms for Credit Derivatives, and he said that his current understanding is that all of the confirms will be done out of London.
I communicated that to Bob Bowen.
He also said that London was going to be hiring 120 people to deal with the Credit Derivatives business.
Wow!
| Credit Derivatives-FYI |
We have received the executed First Amendment to ISDA Master Agreement dated as of December 1, 1999.
This amendment adds the British Columbia Securities Act representation to the master.
Copies will be distributed.
Confirmation Desk: you can stop adding the rep to the confirms now.
| BC Gas Utility Ltd./ECC |
ISDA has published the referenced supplement.
Among other changes, the supplement adds hundreds of new gas, liquids and power price sources.
Copies will be distributed to you.
| 2000 Supplement to the 1993 ISDA Commodity Derivatives Definitions |
Attached is the referenced list.
Some comments: We got a master financial agreement in place with Calpine Power Services Company so it has been opened up to trade all financial.
Also, we replaced the old style "ERMS Master" with an ISDA, so I am opening TXU Energy Trading Company for all financial products as well.
For Trammo Gas, we got a letter from them a while back, reflecting under what names they can do financial trading under (I sent you all an email about this about a month to two months ago).
That letter had the counterparty styled "Transammonia, Inc. acting through its Trammo Gas Division".
I believe I already siad they could trade financial under that name.
Let's just be consistent about how we deal with these divisions...
| Counterparty Approval List for 03/09/00 |
David, I know we've met before on your visits to Houston, I am a paralegal in the ENA Legal Department, in the Swap Group under Mark Taylor.
I am the lead contact in ENA Legal for counterparty approvals and day to day trading issues for EnronOnline.
I coordinate responses for the whole Legal Trading Group (financial, physical, power and emerging markets) with the EnronOnline and Credit teams.
I understand from my EnronOnline team that I am going to need to approve financial trading for all my Houston based counterparties a week from Friday.
Right now that list stands at about 600 counterparties (already trading).
I was hoping you could direct me as to what restrictions, if any, we might have for financial trading in Australia.
Are there any restricted counterparties, such as governmentals, utilities, banks, dealers, etc., or any restrictions on the products traded (initially I know we are only trading financial power, although I'm sure the list will expand over time).
Have your GTC's been drafted with cross-border trading in mind?
Similarly, I assume there will be Australian counterparties signing up to trade, and the commercial team will want them approved to trade the whole range of EnronOnline products.
Are there any provisions we must add to the form of North American product GTCs if our counterparties trade a North American product from Australia?
Do we have any tax issues or language we need to cover?
Our standard form of GTC includes New York law and arbitration.
Will that be enforceable in Australia?
Are there any issues we need to address if we require collateral (a guaranty or letter of credit) with respect to a trade?
Thanks for your help!
| Online Trading for Australia |
Per my conversation a minute ago with the Koch lawyer in Kansas, Tye Darland, "Koch Hydrocarbons, Inc." is a bad name.
The correct legal name for this counterparty should be the same as it is set up in our Master Swap Agreement database: "Koch Industries, Inc., acting through its Koch Hydrocarbon Company Division".
I have called the Koch trader, James "Doug" Peters (713/544-5938, ext.
5602) , and asked him to resubmit the Password Application with the name corrected.
Please show this correction in your records as well.
| Koch Hydrocarbons - Bad Name |
Several things are not very clear to me and I need to run them by you.
1.
From your email it appears to me that there would be no legal reason prohibiting your Australian based counterparties from trading all of the products we offer, however, except for financial Australian power, the contracting Enron entity will have to be the party referenced on the particular product.
It appears that the only product Credit has currently opened the Australian based counterparties to trade anyway is Australian financial power.
2.
Will you be approving the Australian based counterparties for trading?
Dave Forster appears to want me to approve Australian based counterparties too, which doesn't make sense to me and Mark Taylor.
What are your thoughts on this?
I guess EnronOnline just does not want a third Legal contract they are going to have to deal with on an ongoing basis.
FYI, I currently do not approve the London based counterparties.
3.
The Australian company number.
Does that have to go on every confirmation done with an Australian counterparty?
If it does we will need to make sure that it gets put on every confirmation.
It is my understanding that the confirmations for online trading will be generated from Houston so we will have to provide every company number to the Houston Confirmation Desk.
FYI, tomorrow at the end of the day is my drop dead time to get all the counterparies approved, because the information will have to be loaded in by London when they arrive for work Friday morning.
| Online Trading |
As you may or may not be aware of, tomorrow is the drop dead date for approval of the referenced new product for our existing approved counterparty list.
Thinking through this product today and reading through my various emails from David Minns, I have come to the conclusion that there are no particular issues specifically relating to Australian financial power, and my thinking is to just mirror the approval for some other previously approved financial power product.
I can't, obviously, speak for you, but it seems to me that that should work for your counterparty lists too.
What do you think?
The list I am working off of is the list generated for Credit Derivative approvals (which is the most somewhat current list of counterparties who have been issued passwords).
| New Australian Financial Power Product |
Mark Taylor, who is in Amsterdam this week, just left me a voicemail reflecting a conversation he just had with Dave Forster, and asked me to relay the following information to you (don't kill me, I'm just the messenger)... With respect to your form of online GTC: It need to be revised, per Dave Forster by Monday, to be expanded to include the provisions necessary that will enable a non-Australian based counterparty (a counterparty could be U.S., Canadian, European or other country based), who may or may not have an ISDA Master Agreement in place, and may or may not have credit in place, to do a financial power transaction with Enron Australia.
In that regard I am attaching as a template, our form of online "Deemed ISDA" GTC (for a weather transaction, the only type of financial transaction where we adopt the ISDA documentation instead of using our own form of confirmation).
As you can see when you look at our "Deemed ISDA" form of confirmation, there are a number of provisions that our Deemed ISDA form of confirmation includes, such as authority and tax representations, "arm's length transaction" reps, acting as a principal rep, the deletion of section 2(c)(ii) of the ISDA Schedule (netting "in respect of the same transaction"), no language that each party has a copy of the ISDA form and has read it and understands it, your deletion of language re: written confirmations, definition of "Transaction" meaning the GTC+ISDA form+website terms, "Website" (uppercased) is a defined term under the Password Application, we usually say "Loss" instead of "Market Quotation", also, Market Quotation and Second Method will apply for the purposes of Section 6(e), a question, do we need the word "integrated" with respect to the rerenced that the documents contain a "single agreement" to fall under the U.S. bankruptcy swap protection?, no ducment conflict provisions, missing our "severability" and "setoff" language, no adoption of the 1991 or 1993 Commodity definitions, business day defined as Sydney only, etc.
Of course, you do not have these in your form of GTC, because they are or will be covered in your executed ISDA Master Agreement, but it is likely counterparties outside of Australia may not have a master swap agreement in place.
I spoke to Steve Douglas in Tax, who is out of town today and was going to talk to Susan Musch about the tax issues and I hope to hear from him tomorrow.
After all the above, I just have to say...we really do appreciate your help resolving all these issues...
| Online Trading Australian Financial Power GTC |
Attached is the list reflecting the approval of the initial Australian counterparties to trade Australian financial power only.
David Minns will have to get back to us about all the other products!
For the current U.S. list of counterparties, just mirror the approvals for "US Power Financial Swaps".
I will review the list Debbie is sending me tomorrow to see if any of her approvals conflicts with my earlier approvals, but I think we should be fine.
| Australian Approvals |
I have developed a database in which I keep track of the counterparties Legal has approved, any supporting rationale for approval of each counterparty (I 'm giving away my secret that I just don't approve them on on pure whim!)
and the products such counterparties are approved to trade.
Additionally, at the bottom of each entry there is a listing of any amendment to the Password Application, ETA , GTC, or any other online documentation.
The information for the financial products is pretty accurate (I may have missed an entry here or there in trying to enter 6 months of memos and excel spreadsheets.
If I have missed a counterparty let me know).
The information for Power has been updated only since this database was in production, about 6-7 weeks ago.
I am going to have to go back and input the power data from the original approval lists.
As for gas trading and emerging products, we have never yet had a counterparty that we have had an issue with, so no information has been entered for those products.
You should count them as being approved for everything.
Eventually, if we continue not to use those dropdowns, I will delete them.
I don't know if you will find this information helpful or not, take a look and I will be glad to hear any input.
Obviously, we are all working out the kinks and finding out what is useful and what is not useful as we go along, so this database may evolve over time.
The only people who should have change access are the Legal team (Mike Neves: Mark Taylor, Carol St Clair, Leslie Hansen, Marie Heard and myself).
Let me know if you have change access by mistake.
On a closing note, please try to keep the information in the database confidential to the group we have granted view access to.
Do not forward this email on to anyone as it will grant access without my approval.
Much thanks!
| ENA Legal Online Trading Database |
Please find attached referenced lists.
It is not clear to me yet how we are going to deal with Australian approvals, so I think at this point you need to look to Australia for approval of their counterparties.
Also, there were no counterparties to approve on 3/16/00 so that list is not attached.
I haven't said it in a while...but no European power for US counterparties...
| Counterparty Approvals for 03/15/00 and 03/17/00 |
The NYMEX has approved all of your applications and you should all have access to the system and be able to trade (everyone except Dana Davis, who still needs to complete his training).
Please let me know if you cannot log in.
I spoke to the NYMEX a minute ago and there is no reason from their perspective why you should not be able to log in.
| NYMEX Access |
I have been given the name of your company by a consultant we have hired to advise us on sofware systems to manage our physical and financial confirmation process and ISDA Master Agreements.
I have also seen information on your company in the January 1999 issue of Risk Magazine.
I am a Senior Legal Specialist in the Legal Dept.
and am looking at software systems that can help us manage our documentation needs.
If you are unfamiliar with our company, Enron is the largest integrated marketer of energy in the United States.
We have a Web Page located at www.enron.com.
Enron Capital & Trade Resources Corp. is the marketing affiliate of our parent, Enron Corp.
I would like to obtain marketing material about the services you provide, and after I have a chance to look at the information, would like to talk to you or a representative from you company in some depth.
I am located in Houston, Texas and my phone number is (713) 853-3399.
Thank your for your attention herewith.
| derivatives documentation software |
We discussed your training in our group meeting yesterday, and Mark gave me the go ahead to do a training, preferably a lunch training, sometime in April.
If you could get together with the members of our team and send me an email of any items in particular you would like addressed, we will try to address them in our training.
Also, if you could get some dates for me we'll check them against our schedule.
Would your group organize this lunch or ours?
How many people are we talking about.
Only Global Contract or Global Counterparty too?
Let me know the details so we can start planning...
| Financial Trading Seminar |
On the list for 3/20/00, the only counterparty I am responding for is Carthage Energy.
Eventually I will be making the Australian responses, but we are not there yet.
On the 3/21/00 list, National Energy was amended, and I had no changes to my previous approvals.
Western Resources is an amended counterparty and I am opening them up for all financial and power.
| Counterparty Approvals for 3/20/00 and 3/21/00 |
We have received the following executed Master Agreement: NOTE: This master appears to have been signed in 1996 and didn't make its way down to Houston until now.
Type of Contract: Master Agreement (ECT Canada Form) Effective Date: 06/16/95 Executed Date: 06/24/96 Enron Entity: Enron Capital and Trade Resources Canada Corp., now known as Enron Canada Corp. Counterparty: Originally, NOVAGAS CLEARINGHOUSE LIMITED PARTNERSHIP, now through name changes and merger, DYNEGY CANADA INC.
Transactions Covered: Energy price swaps or option transactions only (no pulp & paper, weather, interest rate & currency or FX) GLOBAL CONTRACTS: We need to get this master inputted immediately into the EnronOnline System so all of the confirmations for ENA and ECC will immediately roll up under this master.
CONFIRM DESK: Please immediately start rolling up all the ENA and ECC trades under this master, whether online, offline, or brokered trades.
| Dynegy Canada Inc. |
You have been getting the excel spreadsheets on new counterparties now for several days, and at an agreed time I would like to include your approvals in with the rest of Legal's.
Right now I am still telling the EnronOnline people that they have to look to Australia for approvals.
Once we are in agreement about the parameters of my responses, and who your backup is, we can agree on a date when I will start responding for Australia too.
The theory will be that once I send you the email you will have 24 hours to respond or I will consider all the online products approved for Ausralian counterparties.
Because of the time change issue, I think we need to make the time my approval will go out 4:00 p.m. the next day (which will be your morning) from the transmittal of the list.
| Counterparty Approvals |
In connection with an internal audit regarding the safekeeping of margin funds and securities, Enron Corp. has asked us to provide them with a list of all the exchanges we trade on, what rules govern those exchanges and the products we trade on them (in particular the clearing arrangements), and any rules that govern brokers we may maintain funds or cash with.
This should include all the products we may trade/hedge over an exchange including energy commodities, interest rates, currencies, equities, etc.
Can you please provide this information no later than Friday of next week.
Much thanks!
| Need Information for Audit |
We have received the fully executed First Amendment to ISDA Master Agreement dated as of December 1, 1999 between ECC and the referenced counterparty.
This First Amendment adds the British Columbia Securities representation to the ISDA Master Agreement.
Confirm Desk: You no longer have to add this representation to every confirmation.
| BC Gas Utility Ltd. |
Entergy Power Marketing Corp. has applied for a Password and has asked us to give them a "comfort letter" stating that the current trading with them will go under the respective master for the product and not the online GTC.
I have spoken to Credit and we are trading financial gas, physical gas, and physical power (through EPMI).
Can you please let me know first, if you have a master agreement agreement in place with this counterparty would it govern the product or would we need to use an override letter and if the master agreement will govern the trades, please provide me the exact name, parties and date of the contract.
Obviously, as usual with online matters, this is a RUSH.
| EnronOnline-Entergy |
Can you add the referenced counterparty to the next list.
We just got a master in signed with them and they cannot trade weather, pulp & paper & fx.
Much thanks!
| HS Resources, Inc. |
Mark said you would know who it is in London that prepared a "script" for your traders on what to say on the phone when transacting a deal.
Liz Sager is working on some training mid-next week for the power desk traders and needs to prepare a similar script for them.
If you could let me know who to contact I'd appreciate it.
Thanks for your help!
| Need your help |
Mr. Holtz, At the request of Fred Lagrasta, I am enclosing a sample copy of the referenced Master Agreement.
This agreement is subject to Legal and Credit review of the counterparty.
If you have any comments or questions, please do not hesitate to call me at (713) 853-3399 or Fred at (713) 853-6529.
We look forward to hearing from you.
Tana Jones Sr. Legal Specialist
| Sample Master Swap Agreement |
Can you add the referenced counterparty to the next list.
We got a signed master agreement in place with them and I need to change the approvals.
Thanks.
| Enterprise Products Operating |
Some notes on the attached lists: 3/24/00 List - the first two counterparties have no Legal changes per my earlier approvals.
3/27/00 List-we just got the financial master in signed and they cannot do pulp & paper and weather under it.
Ambac Assurance Corp. and Salomon Smith Barney AAA Energy Fund - I have a temporary "no" for them for financial products until I get more information on them to determine what they are and what they can do.
Per Credit, AMBAC only wants to trade credit derivatives, and Salomon Smith Barney is currently not an eligible swap participant and cannot trade any financial.
If we get a parent guaranty in that can change their eligible swap participant status.
In the meantime I am trying to get more information on the fund to determine what if anything they can do.
3/28/00 List-I previously had them shut down for all financial but am opening them up.
I sent an email about that earlier this week.
| Counterparty Approvals for 3/24/00, 3/27/00 and 3/28/00 |
On this Statoil Trade, I guess this is a physical trade done with ENA.
Can you do one of those handy dandy little sheets you do for me so I can attach them to my assignment.
I am forever in your debt...
| StatOil Trade |
What ever happened to that CGAS certificate we were trying to get in connection with my swap agreement?
Last note I had was that resolution we were trying to get requires approval of Board for each trade and you were going to talk to Mark about how to resolve this.
Was it resolved?
| CGAS certificates |
Your big opportunity appears to be here!
Some guy in the for sale database under misc messages is looking to put together a team for the year 2000.
This is your big break...
| eco challenge |
Per my conversations with Tom and Frank, unless Credit specifically tells us that a counterparty is a credit derivatives counterparty, the online team should consider that all U.S. based counterparties are not approved to trade credit derivatives.
Credit will, in the same box where they put "declined" , "amended" or "division", put a note that says "credit derivatives" and in those circumstances only you should consider that I will be indicating whether or not the counterparty is approved to trade credit derivatives.
Otherwise, I will not be putting an "X" in the box for each and every counterparty to say they can't trade credit derivatives.
I hope this makes sense to you, call me if it doesn't.
| Approvals for Credit Derivative Counterparties |
There is no change from my previous approvals for the only counterparty on the 3/30/00 list, so I am not sending that list.
On the list for 3/31/00, first, David Minns is in the Houston office today, so I gave the response today for the one Australian counterparty on this list.
We are meeting with Mark on Wednesday to try and figure out the approval process for Australia, so maybe after Wednesday I'll start responding for them.
Second, on this list please note that there are no counterparties that have been indicated as credit derivative counterparties, so none of the counterparties on this list should be approved to trade credit derivatives (even though I haven't "X'ed" them out).
| Counterparty Approvals for 3/30/00 and 3/31/00 |
Russell, In the future please put me on all notices about counterparty trading.
I am responsible for the Legal Department's approval of online counterparties across all product areas and need to know any limitations that might affect a counterparties' ability to trade.
Thanks!
| American Central Energy - NO TRADES |
Troy Black called me about that C.A.
I passed on to you.
He said he needed it to go out today and also passed on words from the counterparty to the effect that the C.A.
was "non-negotiable and that if we had any comments they need to be minor, or forget about it..." There you have it!
| Confidentiality Agreement |
Attached please find the referenced lists.
I am not sending the list for 4/5/00 because all of the counterparties on that list were Credit declines.
I have responded for Australia Legal on the 4/7/00 list.
Remember, no credit derivatives approved unless specifically indicated (which none are).
| Counterparty Approval Lists for 4/6/00, 4/7/00 and 4/10/00 |
I have not received any feedback from Edmund or David regarding the email below.
Can you please respond as I am getting daily prompts for a response.
MUCH THANKS!
For Matt, your email stated that you trade over the IPE & NYMEX.
What rules, besides the rules of those two exchanges, might apply to any on or off exchange trades you might enter into.
For instance, here in the U.S. energy commodity trades might be governed by the CFTC, where out equity options might be governed by the SEC.
Besides the exchanges your email reflected, what other governmental rules or regulations would govern trades you might enter into?
| Need Information for Audit |
Oops, what a surprise!
When I went to file away my file on the CFTC Form 40, I noticed I already had a file in the regulatory cabinet where where had filed the form in 1995 and 1997.
Maybe we have to file these every other year?
| CFTC Form 40 |
We have received the executed Termination Agreement dated as of April 10, 2000 terminating the referenced trade.
Per the request of Jennifer de Boisblanc Denny, this termination was prepared because the customer hit the same product twice on EOL and two exact transactions were entered into the system.
I will send the original (fax) down to Bob Bowen for handling.
| Termination of EOL Deal No. 147345 |
Mike, Could you add two new categories of products to the database for me.
That would include the "Yes, Yes with Limits, and No" buttons and also a comment screen for the new products.
The two new products are: Credit Derivatives and Bandwidth Thanks!
| Legal Online Trading Database |
Attached please find the referenced list.
For Tosco Refining Company, it should be set up as Tosco Refining Company, a division of Tosco Corporation.
We need to get the incorporated entity on the hook.
| Counterparty Approval List for 04/14/00 |
Dear Colleague: I would like to call your attention to three fine Penn students on the job market this year, Sean Campbell, Clara Vega, and Canlin Li.
Their interests and skills span time series econometrics, financial economics and macroeconomics.
I have attached my letters of recommendation, which provide much more detail.
I hope that you will seriously consider interviewing them if their skill match your needs; please simply contact them directly if you want to do so and/or if you would like more materials from them (their contact information follows at the end of this email).
In addition, please don't hesitate to contact me if I can be of further assistance in any way.
Finally, I hope that you will excuse the intrusion caused by this communication, but email is the least intrusive and most efficient way that I know to get the message out.
With best
| Job Market |
Dear Vince, I tried to call but your phone was busy.
I'm an unofficial advisor to the White House energy team and they've asked me if Enron's bankruptcy presents a potential systemic risk.
I told them I did not think so.
| systemic risk |
Dear Convention Speaker I am writing concerning the GARP 2002 Convention, which will be held at the Roosevelt Hotel, New York on 11th to 14th February 2002.
This is just a gentle reminder that speaker presentations should be e-mailed to me by Friday 14th December to ensure that they are placed in the delegate packs.
I am sure that you can appreciate that with over 80 speakers, this is a massive logistical task and requires advance planning.
After this date, I can not guarantee that they will be included in the delegate packs.
Moreover, if you have not yet returned you speaker checklist by fax, can you please return this as soon as possible.
Also, if you are staying at the Roosevelt Hotel, please complete the hotel form and fax it directly to the hotel.
If you do not have a form, please do e-mail me and I will forward one to you.
Finally, if you would like the brochure to be received by any financial or risk professionals, please do provide me with the names and any contact details (e-mail or postal address) and I will ensure they receive a copy.
If you have any questions or queries please do not hesitate to contact me.
I look forward to receiving your presentation next week and to meeting you in New York in February.
Kind regards
| The GARP 2002 Convention: gentle reminder |
As most of you already know, Tuesday I transmiited a virus to everyone in my address book.
I want to apologize for this mishap and hope that it has not caused any major problems.
Have a great Holiday Season and feel free to drop me a line.
| TAGE |
Vince/Shirley: I regret to inform that I am terminating my job with Enron today 12/06/2001.
Despite the later events I had a great time working with everyone in this company.
More particularly, I will miss a lot of the excitement and learning opportunities that The Research propitiated in this last 3 years.
I will be pursuing new opportunities in a different company and as soon as I settle I will inform my new contact info.
I will still be residing here in Houston I and I am looking forward to continuing nurturing the friendship we developed throughout these years.
Many thanks.
Paulo Issler
| Resignation Letter - Paulo Issler |
Matt, I am sending you as promised the PowerPoint presentations about different units of the Research Group.
As you know, the current plan is to transfer 4 meteorologists from my group and 2 pure quants to the new company.
I have no commitments from the pure quant side at this point, so I cannot give you any specific names.
Vince Kaminski
| Research Group Power Point Presentations |
Sarah, As I have not yet heard from Jayshree, I thought I would convey the gist of our phone conversation by e-mail.
Over the last several days, we in the research group have looked at ORACLE risk management databases and Enrononline data to corroborate the profitability numbers for power and gas trading.
Our analyses yield figures which are substantially at variance with what is normally believed to be the case.
Of course, there may well be information sources we are not privy to.
Moreover, we found some irregularities in the data which only serve to raise our doubts about the quality of the data.
As a result, we are not able to make an authoritative statement about the profitability of power and gas units.
As we are not able to intepret the data ourselves, we have provided the spreadsheets so you can draw your own conclusions.
Thanks.
| Power and Gas Trading |
Seminars/Forums, etc.
Sub Group I met with Denise on December 16th and here is a recap of the discussion relative to our sub group for your information.
Seminars
| Denise Palmer Huggins Interview |
December 19, 2001 Hello, My name is Pamela Yoo with the California Energy Commission, here in Sacramento, California.
I sent out invitations about a week ago for the upcoming North American Regional Gas Model User Meeting that will be held in our area on January 17-18, 2002.
I have not received any information on whether you will be attending this meeting or not, and I would like to encourage you to let us know as soon as possible.
I have attached the original invitation letter to this email, for your convenience.
You may send in your information via fax (the fax number is written on the form of the following attachment) or email (pyoo@energy.state.ca.us - InviteLetter.doc
| NARG user meeting in Sacramento, California |
Vince, Thank you for being an important part of my business during this past year.
I am looking forward to continue our business relationship in 2002 and beyond.
We did strengthened our staffing practice in 2001 and had our best year ever, despite difficult market conditions.
Everyone on my team enthusiastically invites you to stay in touch with us during this new exciting upcoming year.
I hope you get the same opportunity I will have to spend some extra time with family this Holiday Season.
Thanks again.
Please open the link below for our greeting to you.
| Enjoy the Holidays of 2001 |
Vince, As mentioned in my voicemail, please find attached a speaker details form which I need you to fill in.
I have also reattached the draft programme.
At the end of the main conference agenda is an outline of the three seminars.
I am having great difficulty locating relevant people to speak on the operational risk seminar, and was wondering if you had any ideas.
I hope things are well with you and I look forward to hearing from you soon.
Best wishes,
| EPRM 2002 USA |
The Austin Group Energy, L.P.
Monthly Newsletter Let's describe a typical and recurring nightmare for generating unit operators.
It's noon on August 15, temperatures have reached the upper 90s all week; you're well into your reserve margin to serve native load, when a unit trips off line.
Do you scramble to find replacement power at record high prices and worry about the consequences later?
Or, have you prepared for this event?
When the degree of risk has not been quantified, fear of the unknown can lead to restless nights, and understandably so.
The financial implications can be astounding when a unit outage occurs during a period of high spikes in market prices.
How does this relate to the recruitment and hiring of talent within your shop?
Allow me to bring the story together.
What would you do if your top employee came to you and said, "You've been great to me and I've learned alot, but I just accepted a job at your level right down the road and they like me so much they want me to start tomorrow."
Do you spring into 911 mode or are you ready for this day.
Start a relationship today with The Austin Group Energy.
We will keep you aware of all available talent in your market area.
These candidates are currently employed and do not answer ads.
They stay in touch with opportunities through us to ensure confidentiality.
Why would Top 5 marketing companies pay us for the recruitment and placement of over 400 successful hires when they could hire them on their own.
The smart and proactive companies understand how to outpace the pack when it comes to hiring talent, they call The Austin Group Energy.
THE FOLLOWING CANDIDATES ARE AVAILABLE FOR IMMEDIATE OPPORTUNITIES: Ref# 00012123 Power Options Trading Desk This PhD candidate is responsible for long term derivatives trades/structures (Asian options, heat rate options, weather/power derivatives structures, swing options etc.)
Ref# 00012124 Rotational Program- Risk Analytics This MBA Finance candidate is analyzing/evaluating structured transactions and derivative instruments.
Has developed a VBA-based delta-adjusted risk exposure model for all asset management groups.
Designed intermediate-term forward power curve forecasting model based on gas forward curve.
Created Visual Basic Monte Carlo simulator for Excel for option analysis.
Ref# 00012125 Quantitative Analyst This M.S.
in Applied Mathematics candidate builds short term models necessary to forecast/schedule usage on a portfolio basis, by various levels of aggregation (e.g.
region, congestion zone, weather zone, customer, etc.)
Constructing statistical and econometric models to accurately predict seasonal customer usage based on rate class, calendar and geographic climate patterns.
Ref# 00012126 Quantitative Analyst - Manager This candidate developed and implemented two Value-At-Risk (VAR) methods for Natural Gas.
Developed and implemented models for pricing and hedging exotic natural gas options (Gas Daily and Peaker).
OpenLink experience with VaR and mark-to-market calculations.
Ref# 00012127 Director Derivatives Trading and Portfolio Management Developed Nymex and locational options, position risk management model.
Evaluated and assisted in the process of selecting and implementing a new real time front and back office financial system with VAR capabilities.
Structured deals for marketers using embedded financial products and traded natural gas options and fixed for float swaps.
Priced and hedged advanced options and swaps such as swaptions, asians, extendibles, expandibles, and spread options.
Ref# 00012128 Risk Control Analyst Support Origination and Trading activities by providing daily mark-to-market values and VaR reports through accurate and timely entry of financial transactions into RMS system.
Maintain database for RMS system and Integrated Commodity Trading System (ICTS) for entry of financial trades.
Ref# 00012129 Risk Manager Responsible for all mid-office trader support functions.
Responsibilities include daily senior management position and P&L reporting, process improvements, system implementations, structuring of originated transactions, and rollout of an operational analysis plan.
Ref# 00012130 Senior Commercial Analyst: Pricing and Structures Developing model to incorporate basis and transportation into gas fuel costs utilized in mark-to-market valuation of a gas-fired generation asset.
Determined market value of regional power by confirming the marks estimated by the trade desk against independent broker prices.
Forecasted resulting previous day's trade-to-market figure for preliminary valuation of book value.
Ref# 00012131 Director - Risk Management Analyze financial markets and advise physical traders of hedging and trading opportunities.
Analyze market, secure management approval of trading strategies and execute financial trades.
Generate position reports for upper management.
Ref# 00012132 Risk Management Specialist Perform risk management functions for the gas trading organization, including daily position and P&L reporting.
Ensure deal validation and perform problem resolution for executed trades.
Create daily VaR estimates for both cash and term traders.
Ref# 00012133 Risk Analyst Determine market value of regional power, confirming the market values estimated by trade desk against prices set for independent brokers.
Forecast resulting previous day's trade-to-market figure for preliminary valuation of book value.
Participate in daily Value at Risk calculations, exception reporting for daily variances, updating of daily price curves, and updating proprietary models which value long term transactions.
| The Austin Group Energy, L.P. |
=09 =09 Dear Vincent, I'm Washington Bureau Chief Peter Cook filling i= n for Jay Rickerts.
In Washington, we'll continue to examine the major en= ergy issues expected to arise during the New Year.
We'll take a look at wh= at Congress will do with comprehensive energy and electricity legislation.
= Our Washington bureau will also follow the FERC and its push for regional = transmission organizations and wholesale competition.
These are some of t= he issues we'll look at as 2002 begins.
On Wednesday, energy consultant a= nd former Assistant Secretary of Energy during the Clinton Administration R= obert Gee will join us in the Washington bureau.
He'll give us his take on= the U.S. relationship with OPEC and we'll get his assessment on the start = of retail competition in Texas.
Gee will join us during the noon ET newsca= st on Wednesday.
The big switch is coming to Houston - On Wednesday we'll= bring you a report on deregulation starting in Texas on January 1.
The Ho= uston bureau will have details on how the power grid reacted to the switch,= and get an update from retail electricity providers.
Also from Houston= , John S. Herold, Inc. CEO Arthur Smith says upcoming earnings releases may= hold some unwanted surprises.
He'll join us from Houston on Wednesday to d= iscuss his company's research report and what we can look forward to in 200= 2.
Catch these reports from the Houston bureau on Wednesday.
Closing= Prices for Monday, Dec. 31, 2001 Crude: $19.84/bbl -$0.57 Unleaded: $= 0.5725/gallon -$0.0157 Heating Oil: $0.5507/gallon -$0.0158 Gas: $2.570= /mmBtu -$0.204 Scheduling Note: We're dark on New Year's Day.
We'll see = you Wednesday at 9:00 a.m.
ET.
Thanks for making this a great first year a= t EnergyNewsLive - Have a Happy New Year!
Keep in mind things are subje= ct to change at a moment's notice.
Occasionally guests have to reschedule o= r change time slots.
We'll continue to do our best to keep you updated on = future interviews and events.
Be sure to watch our newscasts every busi= ness day - 9 a.m. to 5 p.m.
ET, at the top of each hour.
=09 =09=09=09=09 =09=09=09=09=09=09 =09 =09 =09Peter Cook, EnergyNewsLive.com Washington Bureau Chief View today's= Energy Wrap Video Windows Media Player: 56K | 100K | 300K Real Player: = 56K | 100K | 300K (Requires Windows Media Player or Real Player ) Expe= rience all that Williams Energy News Live has to offer!
If you are receiv= ing this letter for the first time and wish to continue, subscribe now T= o stop receiving this letter, unsubscribe now If you are having trouble = receiving this e-mail, please let us know or call (800) WILLIAMS (800-945=
| Williams Energy News Live -- today's video newscast |
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| We Run Background and Asset Searches |
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| Looking For A Promise? |
CONGRATULATIONS!
You have been selected as a finalist in the NVP Travel Giveaway!
Prizes are accommodations for two for two nights at any one of the following locations:
| Your Vacation Winning 567 |
Vince: Have you or a member of your group had a chance to look over the forwarded = e-mail yet?
We have a meeting on Thursday with another potential client wh= o plans to use his own capital.
His capital budgeting issues are similar t= o those of the client who prompted my original e-mail.
The more DSM projects that we can help the client get approved, the more DS= M savings we can share with the client.
These DSM projects can turn a reta= il commodity contract with low profitability into a substantially more prof= itable contract for us.
Would one of your GARCH analyses provide us with a quantitative solution?
= One of your experts in differential equations might have devised something.= We'd really like to have something quantitative if you think it's at all = possible.
Thanks,
| EES revenue through customer DSM projects |
Iris From the initial work that I Ben and I have done, data availability for the Moody's model is relatively good for European companies.
However, there are problems for certain jurisdictions (e.g., the Netherlands) where reporting requirements are low.
Also, all newly established entities with no accounts cannot be priced.
You may be aware that S&P has a similar model.
You can find the description at www.creditmodel.com.
We met with S&P earlier this morning and they will give us logins that I will forward to you.
I have not looked at the details, but it appears to me that the Moody's model could be more relevant for our purposes as the S&P model is calibrated of companies that S&P has rated, whereas Moody's has actually got data not only retsricted to the firms they rate.
Moreover, the S&P threshold USD 100m) is very high.
For US counterparties, there may be a problem as private US firms do not need to publish accounts.
In any case, quality data is probably one of the most important issues to be resolved going ahead, and this is likely to define what companies we will be able to price and influence model selection.
Therefore when you (or someone else) examines potential data sources/vendors please keep Eric Kirkpatrick and Mike Mumford in the loop to ensure full co-ordination Regards
| Data for Moody's RiskCalc |
this is Rich's document I mentioned in the previous e-mail.
(Most parts of it are similar to the idea I proposed to them in the middle of last week.)
:-)
| Movie Trading |
Tom has extracted the crude trades from Clayton's database.
A spreadsheet is available in O:\Research\Common\From_BobLee\crudewti.eol.get.
We are working on a cleaner version, but this should allow everyone to get a view of the data we have.
The attachment below has a description of the data fields in the spreadsheet.
If you have ideas on how we should analyze this, let Tom or I know.
Bob Lee
| EOL Crude Transactions |
Dear Dr. Kaminsky, I was in SIAM Workshop last Friday and I enjoyed your talk very much.
I wonder whether you will be able to email the material you have presented and also give me some references to start with.
My Background is B.S.
M.A.
in Math, Ph.D. in Fluid Mechanics, 2 yrs Post Doc doing Computational fluid dynamics in parallel machines (IBM SP).
For the past 4 yrs I am doing the Basin Simulation development with Mobil.
I always wonder how the financial problems can be solved and how the numerical computing, especially, supercomputers, can be applied to these problems.
Your talk is a very good starting place for me.
Thank you very much.
Best Regards,
| Slides for SIAM Workshop |
I must apologize regarding the lateness of this e-mail.
I sent the Excel file with crude oil data as an e-mail attachment earlier this afternoon, and when I checked my mail just now, I discovered that it had been rejected because of its size.
I have reduced the amount of data somewhat by using the following limitations: WTI Crude Oil swap transactions only, starting from January 1, 2001, with delivery in the USA.
This allowed me to get rid of some unnecessary fields.
Please note that there are no calendar spread options or basis options included in the data, and, as this is from Clayton's database, it does not include failed trades or limit-order trades.
The Excel file ("Crude Data") can be found in: O:\_Dropbox\Tom Barkley I have started looking at the data already, but it does not seem possible to plot all 24000+ points in one Excel chart.
I hope this helps.
Tom
| EOL Crude Oil Data |
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