I think this is the most recent version of the ETA. Obviously, this is the UK version and Sullivan & Cromwell are turning it into a US document. The US version will be governed by NY law and contain an arbitration clause. We're also trying to figure out how much to say about the confirmation process since it may vary from product to product and will almost certainly be different from the UK version. Speaking of which, I was surprised to find that they have the telephone conversation (and in this case the web site records) control over a confirmation which has been signed by both parties. What's the practice in your part of the world? One alternative is to insert the language (or something like it) that we use in financial trading which says that we will send a written confirm, gives the counterparty a short time (2 or 3 days) to respond and indicates that silence will be deemed acceptance. Would that work for your deals? Anyway, I'm in NY today and tomorrow, back in the office on Wed. Louise is insistent that the GTC's be available to be uploaded this weekend. I'll be calling in periodically tomorrow and will try to get you since I'm sure you will have issues to discuss - and now is the right time to get changes made to the ETA if necessary.
Answer: Revised documentation
After our meeting yesterday, I asked Mark Taylor whether under the revised version of the CEA there was any restriction on one's ability to cash settle physical transactions. He confirmed that so long as the parties to the transaction are "Eligible Contract Participants", then there is no restriction and our physical contracts can expressly permit cash settlement. Enclosed is a summary of the ECP definition.
Answer: Csah Out Option
This is likely the last opportunity we will have for comments, so if anybody has any additional comments, please let me know no later than the end of the day on Wed, Oct 13th, and I will forward all comments to Caroline on Thursday. Thanks for everybody's assistance on this effort. Elizabeth
Answer: EEI - Revised Standard Contract
David, Per the attached, we do have an agreement with Mustang and I am ok with the form. Please see that attached tasking affiliate letter. As for M&H, we will need a scope of services, dates, and payment terms. Please provide this info, and I will prepare the tasking letter.
Answer:
Mustang PSA