Message-ID: <17705374.1075858318518.JavaMail.evans@thyme>
Date: Tue, 20 Feb 2001 05:02:00 -0800 (PST)
From: rick.buy@enron.com
To: james.hughes@enron.com
Subject: SK-Enron Korean Won exposure
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fyi, rick
---------------------- Forwarded by Rick Buy/HOU/ECT on 02/20/2001 01:02 PM 
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From:  Rudi Zipter                                                            
 02/20/2001 11:19 AM	
	
	
	                           
	

To: Rick Buy/HOU/ECT@ECT
cc: David Port/Market Risk/Corp/Enron@ENRON 
Subject: SK-Enron Korean Won exposure

Rick,

I wanted to touch base with you regarding our Korean Won exposure.  As you 
know, a remaining issue involves who is responsible for these types of hedges 
Corp or business unit.   

The currency traders on Hickerson's desk contacted me today.  They mentioned 
that it is an appropriate time to put a currency hedge in place for 3 reasons:

1.) The spot rate has fallen back to the 1230 KRW/USD level
2.) The forward rate is relatively flat as there is no signifcant difference 
in 1 year rates between the two currencies.
3.) Option volatilities have decreased significantly over the past month.

Please let me know if (when?) we should discuss this issue further.  The 
currency traders mentioned that they will bubble this issue up with Jim 
Hughes again later today.  

Thanks,

Rudi