Tani,

Ted Murphy sees the curve validation issue as the RAC prerogative. I shall 
contact him and offer our help
in the curve review process.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/30/2000 
07:52 AM ---------------------------
   


From:  Ted Murphy                                                             
10/29/2000 10:23 AM	
	
	
	                           
	

To: Vince J Kaminski/HOU/ECT@ECT
cc:  
Subject: Re: Copper curve  

Tani,
Please touch base with Lloyd Fleming as to whom from RAC should review the 
methodology.  I view that it is the commercial team's responsibility to post 
the curve, operations responsibility to gather objective information on the 
efficacy of the curve on a (minimum) monthly basis and report all highly 
sensitive curves, RAC will not approve or disapprove a curve but question 
methodology/motivations and subsequent changes and do so in a senior 
management forum (i.e., we will tell on those who have suspect curves or 
curve movements).  Obviously, we are looking for the best estimate of the 
value of those products in those time buckets TODAY, we also favor object, 
consistent application of methodoology intra and inter commodity. 
Ted




Vince J Kaminski
10/27/2000 04:18 PM
To: Tani Nath/LON/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Steven Leppard/LON/ECT@ECT, Tim 
Poullain-Patterson/LON/ECT@ECT, Harry Tefoglou/LON/ECT@ECT, Esther 
Gerratt/LON/ECT@ECT, Maureen Raymond/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT 
Subject: Re: Copper curve  

Tani,

No problem. We shall look at the curve on Monday. I have organized a  small 
team to examine
the curve from different perspectives.

Curve validation is normally a RAC prerogative and I shall get them involved 
on Monday

Vince




Tani Nath
10/27/2000 11:40 AM
To: Maureen Raymond/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Steven Leppard/LON/ECT@ECT, Tim 
Poullain-Patterson, Harry Tefoglou/LON/ECT@ECT, Esther Gerratt/LON/ECT@ECT 
Subject: Copper curve

Following Steve's note to you earlier today, I wanted to mention that we have 
a fairly urgent need for review of the copper curve in particular, as there 
is a deal due for final pricing in the next few days.

I am not sure what data you have received from Enron Metals in London, so I 
am asking Tim Poullain-Patterson to ensure that you have the curves and the 
economic justification proposed as soon as possible.  Please direct any 
questions to him or to Harry Tefoglou.  I will be in the Tokyo office next 
week, but available via e-mail.

Thanks in advance for your assistance,

Tani