QUESTION: Rick 1 Limits. Here's how I interpreted the BOD approvals: The BOD approved an aggregate of $150MM, with $50MM of discretionary VaR, plus the new policy which doesn't recognise the concept of discretionary VaR. So here's what I did: Effectively I allocated all the $50MM of discretionary such that Pug's "Big Buckets" are now as follows: US Gas $100MM US Elec $100MM Europe Gas & Elec $35MM Global Products $20MM Financials $15MM Emerging Businesses $20MM If you have a calculator handy you'll see that this aggregates to $149.164MM (assuming zero correlation). At Business Unit level the individual commodity limits are unchanged, and I have put limits over the Business Units themselves as follows: Enron Americas $82MM EWS OOC (aka George Martingale) $3MM EEL $34MM EGM $23MM EIM $8MM EBS $4MM PGE $4MM ETS $1MM Again I used root-sum-of-squares, and remember the original commodity limits (by VaR, net open and mat gap) are still in place (e.g. gas = $61MM as before). So that keeps it screwed down pretty tight and preserves the discretion between the "Big Buckets" and the Business Units. I spoke to Rebecca C who could only remember the decision outlined above, but offered to call Pug and let him know. I said I would come back on that. I think we should do that ourselves, possibly with Lay in the loop (?). Cleared it with Whalley today (he laughed), mentioned the dwindling membership of the Risk Management Committee and said "In my current role I think I should be asking for limits, not approving them" ...and then... 2 The gas desk lost $98MM yesterday A combination of a very bullish AGA number (3 Bcf injection - not a typo - three Bcf !) plus some hurricane activity in the gulf sent prices up by between 25 and 30c all across the strip. The long and the short of it was we are long Nov - Jan but short (big-time) out beyond that - the rest is arithmetic. So we have two flavors of P&L notification, one at the business unit level (Americas) $89MM loss against VaR limit of $82MM; the other as a commodity, losing $126MM (the desk aren't the only ones with a gas position, as usual) against the Big Bucket number of $100MM. Total trading was a loss of $106MM against a VaR limit of $150MM so no calls to Pug required (thank goodness). That's it for now, hope you're having fun and remember: pan-fry the big ones and throw back the little ones. DP
Propose a subject line for this email?
ANS: Policy and other items
Recap for the 26th is not available. There are incorrect actuals in the TMS system that will need to be corrected before we can get accurate information for this report. Randy Janzen
Q: What is a potential subject line for this email?
answer: Oneok recap Oct.26th is Unavailable
Make sure on the TDS Curve Manager not to hit the button on the publish sheet. This button normally brings in the latest version of code, however the latest version does not include information for the 'Y' curve. This will be fixed after the code freeze that is now in place is released. Any questions or problems, give me a call. Russ
Answer: Important - GDI 'Y' Curve Manager Issue
Here is an email: Paul, I'm with Enron Middle East in Dubai. Would just like to know if you are now using the celfone from Dubai office that was assigned to Tod Peterson (971 50 6552631). If so, can you provide us your expense cost center. Thanks for your reply.
What is a potential subject line for this email?
A: Dubai celfone
Q: Below is the link to our Financial Trading Agreements Database. This database reflects all the master swap agreements we have executed or out in draft form. I just updated The Chase Bank to reflect the amendment for your re-hypothecation of securities. Stephanie Panus, the paralegal that worked on this amendment, is having a copy walked down to you. I thought you might find this database helpful to look up the status of documents in the future. If you think other people in your group might find this database helpful, feel free to pass on the link to them. Link -->
Propose a subject line
A: Financial Trading Agreements Database
Here is an email: Already in TW's Tariff 1. Dollar valuing. Need to terminate volumetric OBA's where possible to minimize TW's financial exposure. Proposed in TW's 637 Filing - Keep 1. Mandatory cash-out each month (after netting and option to trade). 2. Definition of 6 indices (vs. 3 in current tariff). 3. Parties may mutually agree to cash out PNR. Could probably do today without this language. 4. Clarification that PNR may be used by Operators. 5. May use PNR for "auto-balancing". Proposed in TW's 637 Filing - Could "Trade" 1. Daily balancing. Including daily tolerance, daily auto-transfer to PNR & daily pricing. 2. Smaller tolerance range. Proposed change from +/- 10% to +/- 5%.
What is a potential subject line for this email?
A:
Notes from 637 Imbal Mtg 9/18/01