Zhiyun,

Let's go ahead and make this change.  We can think of no reason why this would cause a problem.  If everyone could keep a close eye on this deal after the change, that will be most beneficial.

Thanks,
Stacey

 -----Original Message-----
From: 	Yang, Zhiyun  
Sent:	Thursday, October 18, 2001 3:46 PM
To:	White, Stacey W.
Cc:	Postlethwaite, John
Subject:	index option

Hi Stacey:

  Just want to follow up to see if there is any after thought about what we discussed yesterday on Index Option.  From our discussion, index option will be reported in two records:  reported as physical in the delivery region, and financial in the index region with the corresponding position and risks.    This seems to be a better alternative than reporting the collapsed position in the delivery region in one record or reporting both position as physical  in two records in the delivery and index region.  

   Could you please let me know if we should go ahead  implementing the changes?  We plan to move the current stage to production tonight and do a new stage release this week, I'd like this change, if going to occur, to go into this release.

   Thanks a lot.

- Zhiyun