JS & MM:

Here is a quick summary of some my thoughts with regard to fundamentals as we begin finalization objectives and goals for 2002. I would like to discuss these issues with both you next week.

EWS Fundamentals: The Time Has Come

Phyically We are Together but "Informationally" We are Not:
ECS will be great for increasing phyisical proximity, but what are we doing to increase the flow of information across desks, commodities and people.
The MSG Board is a first step in the right direction
But we need to finish the "last mile". Information is still not disseminated effectively. 

Better Information and Rationalization of Resources
It time to consider having one EWS fundamentals site. 
It is both silly and a waste of resources to have  multiple models for various commodities.
Information and efforts need to be shared across the company.
Having multiples sites also limits information flow to trading. Traders should not have to search across multiple sites to receive information.
Why are 3 different analysts doing the same job in three different groups. (Example: Power, Gas, Crude--all do their own API analysis- why have 3? keep the best one and make it stronger.

Publications and IT are Expensive
This year we have eliminated duplication within EGM with regard to publications. It is now time to move cost consolidation across EWS.
Some publications cost in excess of  $100K per year. All duplication needs to be eliminated.
It is very expensive to keep 3 IT teams developing 3 different fundy sites. In EGM alone, this year we have  spent $1.5MM on IT.
We need to stop the island mentality. Leveraging off one platform could easily save millions.

I look forward to discussing these issues and receiving your feedback.
Thanks
Jen