---------------------- Forwarded by Sara Shackleton/HOU/ECT on 04/14/2000 
09:51 AM ---------------------------


David Minns@ENRON_DEVELOPMENT
04/13/2000 08:28 PM
To: Raymond Yeow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Sara Shackleton@ECT, Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, 
Stephen J Lowe/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Heidi 
Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nick Mooney/LON/ECT@ECT, Jerven 
Zhang/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT 
Subject: Re: Global Confirm for Weather  

Due to the timing differences I had a crack at including these changes.   

Attached is an amended confirmation. The only change I was not sure about was 
tightening up the temperature definition. Do you mean moving to greater 
precision in rounding? No problem but we are following the UK approach. 

I would be most interested in any comments Paul would have. By way of 
background I consulted the London office on their rounding conventions for 
Celsuis.   





Raymond Yeow
04/14/2000 07:58 AM
To: David Minns/ENRON_DEVELOPMENT
cc: Sara Shackleton@ECT, Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, 
Stephen J Lowe/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Heidi 
Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nick Mooney/LON/ECT@ECT, Jerven 
Zhang/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT 

Subject: Global Confirm for Weather  

Dear David,

Thanks to you for your prompt attention and to Jerven for finding Christian's 
corrected document.

Nick has commenced the process to put a global confirm which can be used 
woeldwide by Enron for weather derivatives, 
He has contacted Paul Simons , ex Clifford Chance , ISDA board member, and 
SFC compliance officer to kick off.

In the meantime, we will use the document below { CDD 13-04-00.doc }
but changes will still be further required - sorry :o(  

A.
Payment Date(s)

want to say that final payment from any adjustment is no later than 20 biz 
days after end of 95 days.
Avoids continual payments if temp is revised frequently in the 95 days.


B.
in Floating amount for 
time, and tighter defn of temperature
and base temp is 18

C.
Data Sources
I want to make the Final payment dependent not on website ( because website 
is not updated when a correction occurs)
but rather the final
Data Source is  "daily temp and climate archive" of the National
climate centre ( NCC) of BoM

Do you want me to type up changes for you to peruse or shall i chase up 
directly with Sara ?
Who OKs the wording of the confirm. ?


Thx, Raymond
13 April 




To: Raymond Yeow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:  

Subject: FYI---Re: Australian CDD Confirmation


---------------------- Forwarded by Nick Mooney/LON/ECT on 14/04/2000 03:33 
---------------------------
   


	Enron Europe
	
	From:  Nick Mooney                           13/04/2000 14:55
	

To: Paul Simons/LON/ECT@ECT
cc:  

Subject: FYI---Re: Australian CDD Confirmation

Paul,
as per my voicemail - here is a draft confirm for weather - on the deems ISDA 
basis preparred by the guys downunder. Would like you professional input to 
help them with an interimsolution on this contract.

Further down the line (and this should also be encompassed in the web stuff) 
we need to have alegal group that works toward producing a master contract 
confirm that can be used for all Weather deriv structures and used in a 
global marketplace.  Just a quick job for a supremo like you!!! 

I'll talk to you on Monday when I get back into London about the politics!!!

have a great weekend
Nick
---------------------- Forwarded by Nick Mooney/LON/ECT on 13/04/2000 20:48 
---------------------------


Raymond Yeow@ENRON_DEVELOPMENT
13/04/2000 13:38
To: Mark Tawney@ECT, Nick Mooney/LON/ECT@ECT, Steven Vu@ECT, Christian 
Werner/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:  

Subject: FYI---Re: CDD Confirmation  





David Minns
04/13/2000 12:17 PM
To: Raymond Yeow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Sara Shackleton@ECT, Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, 
Stephen J Lowe/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT 

Subject: CDD Confirmation

Raymond attached is the CDD confirmation form. I have gone through the 
comments on the draft Jerven gave me. The only change I made is the inclusion 
of a weather station number in addition to a name. There was a question mark 
next to the website reference and a comment that there is no quality control 
for public access. Is the website reference OK?

Sara this confirmation follows the ENA model. The changes  only relate to the 
differing measurement references. We also included a  paragraph 5 to further 
reduce the possibility of the trade being characterised as insurance. If ENA 
is the counterparty then it should be enough to reference the relevant ISDA 
Master Agreement and change the references to EAF to ENA.