enron metals fx status sally brent fyi action required note earlier email forwarded separately highlights issues around transactions originated within metals arose due misunderstanding limits work progress andrew cornfield risk lloyd fleming rac shane dallman fx desk reporting gary hickerson working metal commercial mds subject exemption corp policy ir fx hedging pleasing people control environment picked issues timely basis disappointing firm conclusion commerical groups delegated limits took longer anticipated need detail please call mike forwarded mike jordan lon ect 23 11 2000 12 28 lloyd fleming 23 11 2000 11 58 rick buy hou ect ect michael r brown lon ect ect michael j hutchinson eu enron enron cc ted murphy david port gary hickerson hou ect ect mike jordan lon ect ect andrew cornfield lon ect ect tim r jones eu enron enron shane dallmann lon ect ect robert soeldner lon ect ect subject enron metals fx status following issues resolved today following discussions metals commercial risk management rac 5 euro prop trade agreed closed immediately metals traders advised fx exposure may generated part hedge position underlying metal trade fx exposure must laid via roger murray evans metals fx trader global markets desk averaging trades fx bullion change method booking trades averaging leg trades booked arises e daily resulting fx exposure captured daily laid global markets part metals aggregation number matters discussion time also agreed euro ali option currently operates 30 fx limit managed tim jones agreed limit reduced 20 emrac approve part gary hickerson limit options expire limit progressively reduced limit applies transaction cover fx dealing enron metals subsequent transactions nature covered separately proposed limits overnight exposure enron metals apply small overnight limit cover trades booked end day cut 2 total net open position proposed agreed gary hickerson form part limits fx position management fx exposure generated day aggregated passed global markets desk regards lloyd fleming rac market risk management ph 44 20 7783 4532 mobile 44 7760 17 87 42