Hi there, I thought I'd check back to see where we are on the Delta (Salmon) break out contract, now that we know that the stabilizers should be included. How's it looking? Thanks,
Answer: Breakout contract
The London office is forwarding recent legal advice from our lawyers in South Africa regarding FX clearances. It seems that prior to transacting with a South African party, we need copies of the party's "certification" from the National Bank allowing the party to make payments out of the country (thereby converting local currency to USD). Such approvals are severely restricted. I will forward the memos to Susan Bailey for inclusion in our "database" of global advice. Sara
Answer: Derivative Transactions in South Africa
I am hoping to have Lotus Notes available to you in about two weeks. The initial view will include Master Swap Agreements and I am working on "Other Agreements" which will include brokerage and repos. On a slightly different note, do you think we should schedule a regular [weekly] meeting to review work in progress, issues, products, etc.? If so, who should be included? Thanks. Sara
Answer: Lotus Notes
Sorry to have to respond via e-mail but I've got laryngitis (although I should be in most of the day today). The actual opening of the agreement is simple because we have a good broker relationship and the agreement is acceptable to us. BUT, the broker WILL NOT open the agreement until we can submit the underlying authority which includes: authorizing resolutions (or unanimous consent) from the account party trading authorization number of signatures for transacting Marie previously sent "samples" of the the underlying documentation to Robert George. We have not received anything to date. When we receive the information, we can fax EVERYTHING to the broker and the account can be opened immediately and then followed up by original hard copies. Let me know if you have any further questions. Sara
Answer:
Brokerage Account