Subject: global standard on valuation methodology changes and model approval
sally / beth ,
as we discussed when i was in houston i have put together a draft on valuation methodology changes and model approval . i had a meeting arranged for today to go through my proposal with ted murphy and tani nath ( she heads up research and structuring here in london ) but ted cancelled at the last minute ( again ) . tani and i met and are broadly in agreement , but before we can go any further we need ted ' s input . he is now away for 2 1 / 2 weeks so there is going to be no further progress on this front .
in the mean time i would appreciate your comments on what i have put together . i would prefer it if it is not circulated around houston at this stage until i can accurately say that ted is happy from a global rac perspective . likewise i still need to get houston research comfortable but i am going to wait until ted has had a chance to add his feedback so i can at least say that it is only houston research that is outstanding . others will also need to be consulted ( and i would like to agree a list of key people with you ) but i can ' t see their being any real contention . can you ?
i am assuming that resourcing is likely to be an issue for you in houston ( and it may well be here too ) and this has been added to the outstanding list . i am envisaging that some of the risk management work could be completed as part of the curve validation
if there are any questions or feedback please let me know .
james