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Enron Mail |
As an introduction: The referenced counterparty is trying to straighten out
the online products it wants to trade with us (it's open for some, but not all of the products it wants to trade). When I looked at Profile Manager to see what they had already been approved to trade, I noticed that this counterparty was opened to trade many of the European products, including specifically European physical power products (which is unusual for a US based counterparty to trade). Before I go in and change the profile for this counterparty, I wanted to check with you and see if London had specifically opened them to trade the products they were opened to trade (especially physical power). What I usually do when I am approving US based counterparties, is that with respect to Non Us & Canadian products, as long as they are an Eligible Swap Participant I open them up for all products except European physical power, which I never open them for. Also, Credit Derivatives, I never open anyone up for unless we really mean it. So, my question to you is did London actively approve the non US & Canadian based products (especially physical power). If you didn't, then I am going to take this as an oversight of the pre-approval process and shut them down for European physical power.
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