Message-ID: <7166494.1075855874610.JavaMail.evans@thyme> Date: Mon, 4 Sep 2000 01:36:00 -0700 (PDT) From: mike.jordan@enron.com To: ted.murphy@enron.com, david.port@enron.com Subject: Re: London Risk Reporting Cc: sally.beck@enron.com, fernley.dyson@enron.com Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: sally.beck@enron.com, fernley.dyson@enron.com X-From: Mike Jordan X-To: Ted Murphy, David Port X-cc: Sally Beck, Fernley Dyson X-bcc: X-Folder: \Sally_Beck_Dec2000\Notes Folders\Europe X-Origin: Beck-S X-FileName: sbeck.nsf Ted David - Can I get a detailed breakdown of the time that each component part of the risk feed for London turned up ? As to going forward - I take on board your suggestion that our current trading position / direction requires us to rethink from first principals the feed process and the current critical path problems. I will get back to you ASAP Regards Mike From: Ted Murphy 01/09/2000 17:19 To: Mike Jordan/LON/ECT@ECT, Sally Beck/HOU/ECT@ECT cc: Subject: London Risk Reporting Well, today (or rather yesterday) it happened. We have been pushing our limits hard and the makets here have been very volatile. We had a large increase in North American Natural Gas VAR due to the breaking apart the Rockies/SoCal basis correlation. This am, we were attempting to get firm numbers on the effect on our corporate limits so that we could provide Jeff/Delainey/Lavorato/Buy/.... the information to make decisions whether or not to reduce positions. The number was not firm until 11 am houston time. My understanding is that the Houston numbers were all in before 8 am and that we were waiting for London. While I am sure that there are issues all around and I do not think that anyone Senior in Houston is even aware, let alone prepared to blame, I fear that this will not always be the case. I think something needs to be changed in our process so that this can be avoided in the future. Please do not take this as a nasty-gram. No one is cc'd or bcc'd. I just think that it will be deemed unacceptable. Any thoughts/comments? Ted