Katherine Ewald
-----Original Message-----
From: Presto, Kevin M.
Sent: Friday, October 12, 2001 4:01 PM
To: Ewald, Katherine; Lohman, TK
Subject: RE: ISDA Master - NYMEX Trans Day Price Change
Hi Mike and Ken-Kathaleen have asked us to let you know that New York Metals Exchange has allowed for another language change in the ISDA (master) relating to the NYMTDP order flows with respect to the NYMTD. The original language of this order flow was that it only applied to the most recent time that the Master Marker provided delivery coverage, not the last 3 deliveries prior to the coverages date. And since there is no requirement in the new language we didn't include it in our master statement because I was unsure how it would be interpreted. Now John Griffiths at NYMetals.com has developed a verbal definition of 'last three' thus we will update the ISDA document accordingly. We still believe that including language limiting the scope of the order flow has a positive impact on us as credit types do understand who is covered by when they execute execution orders even if they don't interpret everything perfectly. There is more discussion going on behind the scenes between your companies about this. Thanks a lot.
You may contact me either via e-mail or by phone to discuss this further.
Regards,
Theresa Lobb
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