Message-ID: <18058779.1075863204748.JavaMail.evans@thyme> Date: Thu, 15 Nov 2001 15:01:33 -0800 (PST) From: sheila.glover@enron.com To: kristi.l.albaugh@us.andersen.com Subject: FW: Approving new counterparties Cc: sara.shackleton@enron.com, laurel.adams@enron.com, clara.carrington@enron.com Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: sara.shackleton@enron.com, laurel.adams@enron.com, clara.carrington@enron.com X-From: Glover, Sheila X-To: 'kristi.l.albaugh@us.andersen.com' X-cc: Shackleton, Sara , Adams, Laurel , Carrington, Clara X-bcc: X-Folder: \SSHACKL (Non-Privileged)\Shackleton, Sara\Inbox X-Origin: Shackleton-S X-FileName: SSHACKL (Non-Privileged).pst Kristi, Please forward to John Vickers and Sharon Smith. John, Follow-up process discussion. Again, we have had one new external counterparty this year, CSFB. Thanks. Sheila -----Original Message----- From: Adams, Laurel Sent: Thursday, November 15, 2001 4:46 PM To: Glover, Sheila Cc: Carrington, Clara Subject: Approving new counterparties Sheila, Per Legal (Sara Shackleton) and Trading (William Stuart) the process works as follows: Trading will call Legal and express a desire to work with a specific bank. Legal immediately calls credit and gives the counterparty name as well as the types of trades we expect to enter into (FX, IR, long dated, spot). Legal also puts the wheels in motion on negotiating a Master Agreement. Credit will (or not) give it's approval for ENA to trade under a "deemed ISDA" format confirmation [long form which outlines credit provisions, netting, setoff, etc] Legal then communicates back to Trading that they may (or not) begin trading with the counterparty in question. In the most recent exampe, CSFB, Stuart called Sara to let her know they wanted to trade with CSFB. Sara called credit and got their approval to trade using a deemed ISDA format confirmation. Sara and CSFB negotiated the format for the Deemed ISDA, and then she gave Stuart the go-ahead to trade. She emailed me the form of confirmation we are to use when documenting trades with CSFB. At present, the Master Agreement is still under negotiation, but is close to execution. Please let me know if you need any additional info.