Any thoughts on this Platt's issue?
---------------------- Forwarded by Mark Taylor/HOU/ECT on 01/07/2000 01:53 
PM ---------------------------


Robert Pickel <RPICKEL@isda.org> on 01/05/2000 02:41:37 PM
To: "'bobna@crt.com'" <bobna@crt.com>, "'simon.smith@eastern.co.uk'" 
<simon.smith@eastern.co.uk>, Mark Taylor/HOU/ECT@ECT, Mark E 
Haedicke/HOU/ECT@ECT, "'patricia.hogan@gs.com'" <patricia.hogan@gs.com>, 
"'prince.keir@gs.com'" <prince.keir@gs.com>, "'ccerria@hess.com'" 
<ccerria@hess.com>, "'MacraeE@mbcl.co.uk'" <MacraeE@mbcl.co.uk>, 
"'roffeym@mbcl.co.uk'" <roffeym@mbcl.co.uk>, "'bmccoy@ms.com'" 
<bmccoy@ms.com>, "'rita.pearson-schwandt@energie.rwe.de'" 
<rita.pearson-schwandt@energie.rwe.de>, "'dbf@vitol.com'" <dbf@vitol.com>, 
"'edmund.ha@ontariopowergeneration.com'" 
<edmund.ha@ontariopowergeneration.com>, 
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<joseph.campos@ontariopowergeneration.com>, "'lmcmurray@exchange.ml.com'" 
<lmcmurray@exchange.ml.com>, "'adele.raspe2@pseg.com'" 
<adele.raspe2@pseg.com>, "'schindlg@phibro.com'" <schindlg@phibro.com>
cc:  
Subject: 1999 Supplement to the 1993 Commodity Derivatives Definitions



Responses to our request for a final review of the 1999 Supplement have been
very good. We are still waiting on a couple of responses. I won't name
names. You know who you are.

Please also review the attached e-mail from Patricia Hogan at Goldman Sachs
regarding the appropriate Platt's references. She suggests that the Platt's
reference in each definition should be to the version of Platt's that is
published in the relevant region. Please let me know as soon as possible
whether you agree with her suggestion. If you agree with her suggestion,
which I believe is largely mechanical, I would ask that those who took
responsiblity for a particular commodity let us know the proper Platt's
reference for the commodity and delivery point. Otherwise, we will assume
that Tricia's suggestions should be followed.

I look forward to wrapping up this project in the next ten days, so please
respond promptly.

Bob Pickel

-----Original Message-----
From: Hogan, Patricia [mailto:patricia.hogan@gs.com]
Sent: Monday, December 27, 1999 12:07 PM
To: 'rpickel@isda.org'; kellis@cravath.com
Cc: 'Corrinne Greasley'; Marcus, Aaron; Prince, Keir
Subject: 1999 Supplement to the 1993 Commodity Derivatives Definitions


 We have reviewed the Reference Price Sources for the commodities
that have been assigned to us.  I will forward our changes, amendments and
updates under separate cover.

 In the course of reviewing the Price Sources, we came across one
issue that was not discussed on the recent conference call, but is one about
which we have strong feelings.  We believe that the Price Source used for a
particular commodity should reflect the geographic source of the commodity,
e.g., Platt's Asia-Pacific for Asian commodities, Platt's European,
Marketscan or Platt's Crude Marketwire for European commodities and Platt's
Oilgram for North American commodities.  While reviewing the Reference Price
Sources for Fuel Oil, we found that in many cases only Platt's Oilgram is
listed, even though the product is European or Asian.  We would prefer to
delete the references to Platt's Oilgram for products outside of North
America.  However, we understand that such a step cannot be taken without a
discussion with the wider group (which may not be feasible at this point).
If such a discussion is not feasible, we would like (if possible) to include
the European or Asian-Pacific price source in the Supplement along with the
U.S. price source for all products (including those commodities we have not
reviewed and commented on).

 I apologize for bringing this issue up so late in the process.
Please call me, Keir Prince (011 44 171 774 5004) or Aaron Marcus (357-9514)
if you would like to discuss.



>  __________________________________________________
>
>  Goldman, Sachs & Co.
>  One New York Plaza, 37th Floor | New York,  NY  10004
>  Tel:  212-357-2751  |  Fax:  212-428-3597
>  email:   patricia.hogan@gs.com
>
>
>  Patricia L. Hogan
>  Vice President and Counsel
>
>
> __________________________________________________________________________
> __________________________
>
>
>
>