Spreadsheet: kam_keiser__17787__phys procedures-new
Sheet: Notes

Intra-Month Closing Procedures
Bid Week
1. | Every morning print a Basis Position for the traders using the previous day's basis post-id
 |  | (this will show the traders their NX1/NX3 positions)
2. | Update the physical position daily for the traders
3. | Check the Desk Level Summary printed from CPR Reports to the Weapon-X desk level summary - make sure that they match
 |  | before the final flash on first day
4. | Check all calc. sheet prices and trigger deals (update prices in sitara before flash)
5. | Ask your traders to set the first-of-month curves (must be set on NX1)
6. | Start looking at the prompt month value on physical deals (should be minimal if all deals are booked in TAGG)
 |  | (be prepared to bring in value on NX1)
7. | TAGG/Sitara reconciliation - make sure all deals in TAGG are booked in Sitara correctly and that they have hedges attached to them
 |  | (all new physical deals should be booked in TAGG until the day after NX1)
Last Day P&L
1. | True-up Basis for you last day post-id's (last day's date)  *except for GD-books
2. | Liquidate Price, Basis, Index and Gas Daily (last day's date) and liquidate the long term transport values
3. | Physical accrued-through date should be the last day of the current month (in weapon-X and your P&L summary page)
 |  | (you should have no MTM value in your P&L) - fuel and commodity might still show MTM value on the weapon-X
 |  | desk level….move this to accrued value
4. | Any top levels you have for physical MTM should be moved to the Prompt Month Value cell on the Physical tab
 |  | (classified as a #30)
5. | Print a Desk Level Summary from CPR and compare to the Weapon-X Desk Level Summary - if they match you can now [NAME] your desk
 |  | (print the Economics Detail by Company, Desk Level Summary and Transport Economics by Desk)
6. | In your P&L, break out the Desk Level Summary from the [NAME] report into the correct categories in the Physical tab
7. | Make sure there are no variances in the OA Flash tab - this must be balanced by the end of 1st day
8. | Save your P&L to the regions file, last day file and your daily file
 | *** save a copy of your P&L into next month's regions file so the controls group can start linking early
First Day P&L
1. | Copy the last day P&L to the first
2. | In the P&L go to Roll-1, change the date in cell B4 and hit the New Month Macro button
 |  | (on the Report page….the LTD value from last month should equal the LTD Through Prior Month value)
 |  | - this is very important - if these do not match don't go any further until it is corrected
3. | All physical prior day numbers should be zero
4. | In the physical tabs - any numbers in the Prompt Month Value should be reversed to the Physical Reversal cell
5. | Move any top levels from the Prompt Month Value back to the MTM Value
6. | Change the From Date in the meta-calcs to the current month and True-Up Basis (change to today's date)
7. | All financial daily change $$ should match the top page daily change (unless there was a changed deal)
Benchmark
You will start loading Gas Daily type M curves for prompt month on NX1
NX1 - last day of bidweek
 | bring in 100% of physical prompt month value tonight so make sure you are confident with the value and your traders
 |  | have an idea of the numbers
 | Roll-IN 50% of prompt month physical positions
 |  | Physical position post-id -
 |  |  | 1. | extend the "To" date in portcalc to include prompt month positions (ex. From date = 28-Apr-2001 To date = 01-Jun-2001)
 |  |  |  | - this will show the remaining days of current month positions and will also pull in prompt month positions
 |  |  | 2. | type "50" into the Prompt Rolloff % field in portcalc.
 |  |  |  | - this will only pull in 50% of the prompt month physical positions
 |  |  | 3. | officialize
 | Roll-IN 50% of prompt month gas daily positions
 |  | Gas Daily position post-id -
 |  | A. | Benchmark
 |  |  | 1. | You no longer need to change the expert clause in your calc.  This is an open ended calc. and will pull
 |  |  |  |  | in all positions as far as the M dialy curves are loaded.  They will be loaded for the prompt
 |  |  |  |  | month on the night of NX1.
 |  |  | 2. | type "50" into the Prompt Rolloff % field in portcalc.
 |  |  |  | - this will only pull in 50% of your prompt month gas daily positions
 |  |  |  | *** There is no longer an index only calc to compare against so be careful when booking fixed price deals ***
 |  |  |  |  | ** if you have any gas daily deals booked as fixed price you will not use 50%
 |  |  |  |  | - you will have to back into that % to reflect 100% of fixed price and 50% of index positions
 |  |  | 3. | officialize
 |  |  | 4 | put a "1" in the TDS flag field
 |  |  |  | [NAME]:  do not book any deals as fixed price until the day after NX1
 |  |  |  |  | (book as two legs: gas daily index and a fixed-for-float)
 | Roll-OFF 50% of  index positions
 |  | Index post-id -
 |  |  | 1. | you do not need to change dates for this post-id  (the Rolloff % fields should remain blank)
 |  |  | 2. | in your mini-bench - multiply this position by .50 (it will be in the "index only" column and the "index" row)
 |  |  |  |  | - index positions are not included in the net positions or VaR
 |  |  | 3. | put a "1" in the TDS flag field
 |  |  | 4 | officialize
 |  | *** the prompt month physical position and the index position (in the index only column) should be equal or very close to each other
 |  |  | - this tells you that the volumes booked in TAGG match the volumes booked in sitara (all deals should be booked in TAGG until NX1)
 |  |  | - if your desk has more than one physical or firm book, you will need to consolidate the positions for all books to see this result
 | Roll-OFF 50% of prompt month basis positions
 |  | Basis post-id - you will need two post-id's (TDS and benchmark)
 |  | A. | Benchmark -
 |  |  | 1. | type "50" in the Prompt Rolloff % (there should still be a "0" in Current Rolloff %)
 |  |  | 2. | take the TDS Flag off (you don't want to reflect 50% of positions in TDS)
 |  |  | 3. | officialize
 |  | B. | TDS -
 |  |  | 1. | copy your benchmark post-id
 |  |  | 2. | delete the "50"  (leave that field blank) - you want this calc. to reflect 100% of the prompt month positions
 |  |  | 3. | put a "1" in the TDS flag field
 |  |  | 4. | DO NOT OFFICIALIZE - this will be the post-id used to load TDS positions
 |  |  |  | *** | since the first-of-month index prices have not settled, the basis curves can still move, therefore we need
 |  |  |  |  | to show those positions in TDS to capture the curve shift
Next day
 | Roll-IN 100% of prompt month physical positions
 |  | Physical position post-id -
 |  |  | 1. | delete the "50" from the Prompt Rolloff % field - this will pull in 100% of positions
 |  |  | 2. | officialize
 | Roll-IN 100% of prompt month gas daily positions
 |  | Gas Daily position post-id
 |  | A. | Benchmark
 |  |  | 1. | delete the "50" from the Prompt Rolloff % field - this will pull in 100% of positions
 |  |  | 2. | officialize
 |  |  | 3. | put a "1" in the TDS flag field
 | Roll-OFF 100% of index positions
 |  | Index post-id -
 |  |  | 1. | you do not need to change dates for this post-id  (the Rolloff % fields should remain blank)
 |  |  | 2. | in your mini-bench - multiply this position by .0 (it will be in the "index only" column and the "index" row)
 |  |  | 3. | put a "1" in the TDS flag field
 |  |  | 4. | officialize
 | Roll-OFF 100% of prompt month basis positions
 |  | Basis post-id - you will need two post-id's (TDS and benchmark)
 |  | A. | Benchmark -
 |  |  | 1. | type in "0" in the Prompt Rolloff % (there should still be a 0 in Current Rolloff %)
 |  |  | 2. | take the TDS Flag off (you don't want to reflect 0% of positions in TDS)
 |  |  | 3. | officialize
 |  | B. | TDS -
 |  |  | 1. | copy your benchmark post-id
 |  |  | 2. | take the 0 out  (leave blank) - you want this calc. to reflect 100% of the prompt month positions
 |  |  | 3. | put a "1" in the TDS flag field
 |  |  | 4. | DO NOT OFFICIALIZE