Message-ID: <27246179.1075840905661.JavaMail.evans@thyme>
Date: Mon, 5 Mar 2001 20:42:00 -0800 (PST)
From: shona.wilson@enron.com
To: john.lavorato@enron.com, john.sherriff@enron.com, jeffrey.shankman@enron.com, 
	raymond.bowen@enron.com, louise.kitchen@enron.com, 
	ted.murphy@enron.com, kevin.hannon@enron.com
Subject: merchant asset reclass in DPR
Cc: brent.price@enron.com, brenda.herod@enron.com, jeffrey.gossett@enron.com, 
	james.new@enron.com, beth.apollo@enron.com, sally.beck@enron.com, 
	chris.abel@enron.com, cassandra.schultz@enron.com, 
	david.port@enron.com, susie.ayala@enron.com, 
	kristin.albrecht@enron.com
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X-From: Shona Wilson <Shona Wilson/NA/Enron@ENRON>
X-To: John J Lavorato <John J Lavorato/Corp/Enron@ECT>, John Sherriff <John Sherriff/LON/ECT@ECT>, Jeffrey A Shankman <Jeffrey A Shankman/HOU/ECT@ECT>, Raymond Bowen <Raymond Bowen/HOU/ECT@ECT>, Louise Kitchen <Louise Kitchen/HOU/ECT@ECT>, Ted Murphy <Ted Murphy/LON/ECT@ECT>, Kevin Hannon <Kevin Hannon/Enron Communications@Enron Communications>
X-cc: Brent A Price <Brent A Price/HOU/ECT@ECT>, Brenda F Herod <Brenda F Herod/Enron@EnronXGate>, Jeffrey C Gossett <Jeffrey C Gossett/HOU/ECT@ECT>, James New <James New/LON/ECT@ECT>, Beth Apollo <Beth Apollo/HOU/ECT@ECT>, Sally Beck <Sally Beck/HOU/ECT@ECT>, Chris Abel <Chris Abel/HOU/ECT@ECT>, Cassandra Schultz <Cassandra Schultz/NA/Enron@ECT>, David Port <David Port/Market Risk/Corp/Enron@ECT>, Susie Ayala <Susie Ayala/HOU/ECT@ECT>, Kristin Albrecht <Kristin Albrecht/Enron Communications@Enron Communications>
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We have been asked to reclassify the Merchant Assets on the DPR.  Currently, these assets are shown below the total trading line of the DPR, because, as per the risk policy, they should not be considered when assessing trading activities against the trading limits.

By the end of this week, we plan to show the merchant assets P&L for each group separately under the appropriate business, and then reverse the P&L at the bottom of the DPR to arrive at total trading P&L. Currently, there are no plans to allocate Merchant Asset VAR or positions separate business units.  In order to show total Merchant Asset P&L, positions and VAR the Merchant Asset summary currently at the bottom of the DPR will be retained.

I am attaching a sample version of the changes discussed above.  Please call me at X39123 if you have any questions or concerns about these changes.

Thank you,

Shona Wilson
Director, Global Risk Operations.

 