Q: There is a new directory for the curve files. I am trying to request access to this for the traders so they can't see the rest of our files. This should be done soon. Can you move your files to this drive today?
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A: curve files
IN: Hey Matteo, How's everything goin? SO, I am so pumped about Utah. I talked with my friend Jeff and he told me so much more about Park City, skiing there, where to go, the night life and the Sundance Festival. He is going to write up a bunch of stuff for us and would like to meet up with us for a day or two as well. We are planning on Martin Luther King weekend still?? I was thinking that maybe Brad and Heather might like to go as well. Sent out the invite to a few people, will know more by the end of the week. I say let's get the tickets and start planning. Once I get the specifics on ski places from Jeff, I'll have a better idea of where would be the best place to crash. By then maybe we will have a few more people commited and can make a decision. Sweet! Also, last night I brought up the idea (to Duncan) of going to Australia in February for a few weeks. I know that you and Jeff have been thinking about it. Just thought I would let you know that we are too. So, how did your weekend go with the chica???? love, k

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OUT: trips, chixs and other fancy things
IN: This is an email
Have you had a chance to review the draft of this agreement? Please advise in order that I can forward same for signing. Also provide me with the name of your contact. Thanks!

What is the subject?

OUT: Enron LNG Atlantic Holdings Ltd.
QUESTION: Tom, I believe you are correct regarding the voice mail question you left me. Anything you trade on that might be in a Schwabb account etc will more than likely need to be rolled over to Paine Webber. Mutual Funds will probably not be an issue. Like I said, I don't have too much information on that right now however I just wanted to give you guys a heads up that we will have to eventually make those changes. Thanks, Tony
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ANS: Paine Webber Questions
Karen, I have forwarded all the resumes to Charlene Jackson about 10 days ago. I am resending 4 resumes (in the case of Paolo it's a copy of his E-mail message) I have in electronic format. The resume for Gappy will be faxed to you. Thanks for your help.
Q: What is a potential subject line for this email?
answer: Resumes
Rick - further to our discussion, here is the change Enron Americas are requesting in their limit structure: Eliminate volumetric limits on net open position and maturity gap; Eliminate limits on individual commodities within the business unit; Replace with one limit, expressed in VaR, for the entire business unit, of $100MM. I am not uncomfortable with $100MM, given the opportunity set and the required returns from this activity. ETL at this level could be in the region of $340MM. I think the other things to consider in making the decision are as follows: Does the VaR tell us sufficient about the risk ? I think it does since we have the ability to see components of it in some detail and it backtests well Tail Risks Generally we have the most data on tail risks for US gas and power and we are most confident about the EVaR and ETL measures for these commodities. Liquidity This should be a key point in removing volumetric limits because they give us a concept of size. Our recent analysis has shown that our ability to unload risk in US natural gas certainly is high (50% reduction, 10 days) - but we need to continually revisit this analysis. Administration of Risk Generally I think we are comfortable - deal capture is good since so many trades are picked up through EOL. Delegation of authority using VaR limits at desk level is strong But since VaR is so dependent on MTM values and curves I would still recommend a review of: curve validation results; ageing of confirmations outstanding (in and out); flash to actual differences (if any) Compliance with Policy The policy requires limits under the business unit by "commodity groups" in some combination of volumetric and VaR limits. We also must approve products/commodities for a business unit. One interpretation of this is to define the commodity "group" as the aggregate of gas, power, coal, crude, and approve those products, in which case the aggregate limit for the business unit is the commdity group limit also - so we can have one limit. Our concern about the Firm blowing up because everyone is short crude, for example, is covered by the fact that we can still see all the components of our aggregate risk to a single commodity, which is also capped by the concentration limits. The only question is from a governance standpoint, how you prevent yourself bumping up against those and having to explain it to the board. Another side of this argument is the "10K analogy" - if I put $100MM into my 10K via a mutual fund I am likely to want them to declare in which markets they invest it. To summarize, I think we could justify losing volumetric limits for this business. On the question of level of risk and commodity limits, I think we should talk it over with Greg / Ken. DP
Q: What is a potential subject line for this email?
answer:
Limit Revision - Enron Americas