Message-ID: <8339969.1075858316706.JavaMail.evans@thyme> Date: Tue, 19 Dec 2000 04:24:00 -0800 (PST) From: rick.buy@enron.com To: sheila.glover@enron.com Subject: UK Submission of Positions Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Rick Buy X-To: Sheila Glover X-cc: X-bcc: X-Folder: \Richard_Buy_Jun2001\Notes Folders\Sent X-Origin: Buy-R X-FileName: rbuy.nsf fyi, rick ---------------------- Forwarded by Rick Buy/HOU/ECT on 12/19/2000 12:24 PM --------------------------- Mike Jordan 12/19/2000 10:02 AM To: Rick Buy/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, David Port/Market Risk/Corp/Enron@ENRON cc: James New/LON/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, John Paskin/LON/ECT@ECT, Brian Hudson/LON/ECT@ECT, Mark Pickering/LON/ECT@ECT, Fernley Dyson/LON/ECT@ECT, Sally Beck/HOU/ECT@ECT Subject: UK Submission of Positions Just to follow up on James's note of yesterday - my apologies for being out The elimination of the requirement to 'grab' the FX and IR market environment from Houston ( and consequently use European data ) can improve our ability to kick the overnight batch processing off earlier in the evening. James and I will be working with Brian Hudson to determine the timetable for effecting this change The revised batch start time would improve the opportunity to detect any system failure and complete a rerun of the valuation process so as to deliver completed results by the time the Risk Management team arrive at their desks in the morning. System failures are the most significant problem we face in delivering timely information to Houston. Consequently the probability of meeting current reporting deadlines would be greatly improved given that we will have full IT overnight support covering for any IT failure and curve input validation processes on trade date. Indeed given the successful completion of all overnight runs we are able to deliver Officialisation of all valuation systems and most spreadsheets ( David Hardy is in final testing of the Eastern spreadsheet feed ) by the 10 AM deadline ( Houston 4 AM ) Flash p&l by the 1PM deadline ( Houston 7AM ) Completion of the final DPR to be submitted to Houston by the 5 PM deadline ( Houston 11AM ) James and I are currently finalising a document reviewing all possible changes to business processes that could improve these times. This is in addition to working with Commercial and IT to assess the possibility of delivering significantly faster revaluation systems that could assist in delivering a trade date control process. I can confirm that there is significant work to do in this area, however, we are dedicated to meeting the objectives of improved/more real time control. Please feel free to call if the above requires any additional commentary. Regards Mike ---------------------- Forwarded by Mike Jordan/LON/ECT on 19/12/2000 15:06 --------------------------- James New 18/12/2000 09:10 To: Rick Buy/HOU/ECT@ECT cc: John Sherriff/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT, Fernley Dyson/LON/ECT@ECT, Mike Jordan/LON/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT Subject: UK Submission of Positions Rick, Thanks you for your note below. We are today implementing a flash P&L process. We aim to report daily numbers at 7am Houston time and will start today with the P&L. We will build on this and hope to have draft positions and VAR for most books within a week or so. There will be a reconciliation of flash to final numbers which will be included in our return to Houston. I will put together a note on the London DPR production process which goes into the process we currently have, the process we actually need to have, and the obstacles that are in the way. I would expect this to be finalised tomorrow. Obtaining the USD interest rate curve on a more timely basis is just one of our problems but it is unfortunately by no means our only or most serious problem. James From: Rick Buy 15/12/2000 21:59 To: John Sherriff/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT, Mike Jordan/LON/ECT@ECT cc: Gary Hickerson/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT Subject: UK Submission of Positions Need your help on the following: Each day we are delayed in finalising var, p&L and positions because the UK must wait for a USD interest rate curves before submitting their data to Houston. I am also told that it is really not necessary to wait for this curve and the data could be submitted close of business London. Even if there was some minor inaccuracy from this method it would be better than what we have now. This would greatly improve the efficiency (by 4 to 6 hours) in reporting to senior management. Can you guys initiate this change or get me to the right person there. Thanks, Rick