Is this correct? Rick
---------------------- Forwarded by Rick Buy/HOU/ECT on 12/21/2000 03:25 PM 
---------------------------


James New
12/21/2000 01:23 AM
To: Sheila Glover/HOU/ECT@ECT, Rick Buy/HOU/ECT@ECT
cc: Gary Hickerson/HOU/ECT@ECT, Shane Dallmann/LON/ECT@ECT 
Subject: Re: UK Submission of Positions  

Shane and I spoke yesterday regarding the USD curve. Whilst taking a curve 
other than the day end curve is relatively easy to do (once we have agreed a 
formal procedure and changed the IT feeds) and would give us only minor P&L 
concerns on a daily basis there is an impact on determining and hedging our 
USD cashflows. This would undoubtedly be a cost to the UK business. Shane is 
going to put a note together to outline the issues and have a stab at 
attaching a monetary cost (although I expect he will have to guesstimate the 
amounts). Depending on the size this will need to be communicated to the 
business heads here in London.

James


   
	
	
	From:  Sheila Glover                           19/12/2000 17:45
	

To: Rick Buy/HOU/ECT@ECT
cc: Gary Hickerson/HOU/ECT@ECT, Shane Dallmann/LON/ECT@ECT, James 
New/LON/ECT@ECT 

Subject: UK Submission of Positions

Rick,
Shane Dallman and I are trying to speak with James to discuss the Libor Curve 
and its impact on London's reporting.  The Libor curve is published daily in 
Houston at 3:00 pm (CST) at the close of US Trading.  

The Global Products books are now final closed from Houston so their areas 
should not be impacted.

We will update you when we have spoken to James regarding his areas and 
possible ways Rate & Currency can assist. 

Sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 12/19/2000 11:35 
AM ---------------------------
   
	
	
	From:  Gary Hickerson                           12/18/2000 09:40 AM
	

To: Sheila Glover/HOU/ECT@ECT
cc:  
Subject: UK Submission of Positions


---------------------- Forwarded by Gary Hickerson/HOU/ECT on 12/18/2000 
09:43 AM ---------------------------


James New
12/18/2000 03:10 AM
To: Rick Buy/HOU/ECT@ECT
cc: John Sherriff/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT, Fernley 
Dyson/LON/ECT@ECT, Mike Jordan/LON/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Gary 
Hickerson/HOU/ECT@ECT 
Subject: UK Submission of Positions

Rick,

Thanks you for your note below. We are today implementing a flash P&L 
process. We aim to report daily numbers at 7am Houston time and will start 
today with the P&L. We will build on this and hope to have draft positions 
and VAR for most books within a week or so. There will be a reconciliation of 
flash to final numbers which will be included in our return to Houston. 
 
I will put together a note on the London DPR production process which goes 
into the process we currently have, the process we actually need to have, and 
the obstacles that are in the way. I would expect this to be finalised 
tomorrow. Obtaining the USD interest rate curve on a more timely basis is 
just one of our problems but it is unfortunately by no means our only or most 
serious problem.

James


   


From:  Rick Buy                                                             
15/12/2000 21:59	
	
	
	                           
	

To: John Sherriff/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT, Mike 
Jordan/LON/ECT@ECT
cc: Gary Hickerson/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT 

Subject: UK Submission of Positions

Need your help on the following: Each day we are delayed in finalising var, 
p&L and positions because the UK must wait for a USD  interest rate curves 
before submitting their data to Houston. I am also told that it is really not 
necessary to wait for this curve and the data could be submitted close of 
business London. Even if there was some minor inaccuracy from this method it 
would be better than what we have now. This would greatly improve the 
efficiency (by 4 to 6 hours) in reporting to senior management. Can you guys 
initiate this change or get me to the right person there. Thanks, Rick