Hi Vince,

Thanks for the e-mail.  We have included live links to price curves through 
Reuters quotes via Telerate Bridge but we still have static curves for gold 
and cocoa.  Kirstee is talking to Andreas in NY to obtain position files on a 
daily basis, addressing point 2) in your e-mail, as well as looking into 
longer term integration issues.  Cantekin and I have agreed the correct 
correlations for the metals between us, but Cantekin is currently checking 
the correlations for silver and gold.  Preliminary results based on positions 
as of 19th July are as follows:



We noticed that position mapping at the front months can change VaR 
significantly.

As you stated, Kirstee Hewitt will now be assuming responsibility for further 
modifications to the model on the London side and to this end I have ensured 
that Kirstee is put in touch with key personnel like Andreas (Andreas will be 
in the London office next week) and has access to all the information she 
needs.

Regards,

Anjam Ahmad
Research
x35383

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