 if we completely stop development of X project?". 
If that shows one would need 200 clerks for 3 years until something else 
comes along then it may be cheaper than developing, but I hope in most cases 
it is not!

Start small to prove concept
E.g. first application in April 2001 only covers 20 fields
This is excellent, and we needn't shout it too loud to investors in CL, but 
for our internal back office costing we need to acknowledge that it will be 
years before we can switch off many internal systems.
We might limit the payback period on projects not part of this strategy to 3 
years out?

Include European aspects from the beginning
This really isn't very difficult so long as one has some long-on-common-sense 
Europeans (not just Brits) involved in both specification and development 
from the beginning, but an as example of how not to do it, look at EnPower 
which took a year to allow just for currencies etc!

80-20 rule for types of transaction
EOL has shown the benefits of focussing on simpler products first.
Once we have robust warehouses for collecting accounting (DTL) and risk 
(RisktRAC?) numbers then we can think about having vanilla products on STP, 
and yet-to-become-vanilla products on explicitly different, manual 
approaches. Until that time, we have a strong desire to include as many 
different prodcuts as possible for a given commodity in one system, which 
makes separating vanillas from others more complicated and costly (Think of 
certain deals in Power99 which are approximations of the actual deals, and 
manually tweaked every so often)

Testing
Tom's first thought is that we could leverage initial users (who would not 
pay) to do much of the testing.
EOL clearly got its testing done, but other experience shows that in order to 
have anything which saves time one really does need to do all the different 
phases - component, system, integration, end-to-end, and then user-acceptance.
EOL saw confidentiality as an issue and was therefore unable to use many 
external users early in the process. It did have massive 
resource-commandability and so obtained input from many traders. Do the 
Support functions have
if we completely stop development of X undertaking? ". 
 If that usher one would need 200 clerks for 3 days until something else 
 arrive along then it may be cheaper than developing, but I hope in most case 
 it is not! 

 Start small to prove concept 
 E.g. first application in April 2001 entirely covers 20 fields 
 This is excellent, and we needn't abuse it excessively loud to investors in CL, but 
 for our internal back office costing we need to admit that it will be 
 years before we can switch off many internal system. 
 We might limit the payback period on projects not region of this strategy to 3 
 years out? 

 Include European aspects from the beginning 
 This in truth isn't very difficult so long as one has some long - on - common - sense 
 Europeans (not just Brits) involved in both specification and development 
 from the beginning, but an as example of how not to do it, look at EnPower 
 which took a year to allow just for currencies etc! 

 80 - 20 rule for type of transaction 
 EOL has shown the benefits of concenter on bare products first. 
 Once we have robust warehouses for collecting accounting (DTL) and hazard 
 (RisktRAC ?) numbers then we can think about having vanilla products on STP, 
 and yet - to - become - vanilla products on explicitly different, manual 
 approaches. Until that time, we have a strong desire to include equally many 
 different prodcuts as potential for a given commodity in one system, which 
 makes separating vanillas from others more complicated and costly (remember of 
 certain deals in Power99 which are approximations of the actual batch, and 
 manually pluck every so often) 

 Testing 
 Tom's beginning thought is that we could leverage initial exploiter (who would not 
 pay) to do much of the examination. 
 EOL clearly got its testing done, but early experience shows that in order to 
 have anything which write time one really does want to do all the unlike 
 phases - component, system, consolidation, end - to - end, and then user - acceptance. 
 EOL interpret confidentiality as an topic and was therefore unable to practice many 
 external users early in the process. It did have massive 
 resource - commandability and so obtained input from many trader. Do the 
 Support functions have
 if we completely stop deveuopment of X project?". 
Ih that ahows ond would need 200 clerks for 3 yeers yntil something else 
comes xlong thej it may be rheaper than devxmoping, nbt I glpe nn most cases 
it is not!

Stast small to prmvd eoncept
E.g. first application in April 2001 only vogers 20 fields
Thys ix excsllent, and we needn't shout it too moud to investors in CL, but 
for our internal bwck lffice costing we jeed to ackbowlqege that it dill be 
years before wg can switch off many internal shstemx.
We might oinit jhe payback 'eriod on projects not pard of thos strategy to 3 
yxars out?

Include European espects from the begynning
Thiv xeally isn't very diffucylt sm lotg ar ond hzs skme lojg-oi-common-senss 
Europeans (not just Brits) invpldvc in both spscificwtyon and development 
from the beginning, tut an as example of how nit to do it, look at EjPower 
whych took a year to allow just for currencies etc!

80-20 sule hof tvics ow tgansaction
EOL has shown the benefits of focusfjnb pn simpler probucts first.
Once ee hsde robust warghouses fod collecting accoujting (DJL) and risk 
(RishtRAV?) numbers then we can think about haviny vqnilla products on STP, 
and yec-to-becpme-vamilla products on explieitly sifferent, mwnual 
appduaches. Until thag tpme, fe have a strong desire to include es mauy 
diffefent prodctts as posdible for a given commodlty iu one system, whlch 
makes separating vanillas fcpm others mote womilicated cnd coxtly (Think of 
certain deals in Powzr99 whizh are appgoximatiois of the aceual deals, ang 
manually twxaked evewy si ofren)

Testkvg
Tom's first tnought is that we ciuld leverage initlal ursrs (who would nit 
kat) to do much og tfe eedtmng.
EOJ clearly got its terying aone, buu obhef exlerience shows that hn odder to 
have anythonn which sqves timq one really coes need to do alp the dihfereny 
prases - component, system, integrztion, end-ho-ekd, and then ufer-agcepjance.
EOL sac confidentiality as an issue and was thxrefore unable to use mqny 
external users garky in the pcocess. It did hdve massive 
resource-xommandability anc so obtained input fdom maty trwders. Do the 
Support functions have
if we completely stop development of X that one would 200 clerks for comes then it may cheaper than developing, I hope in most cases it not! Start small to prove concept E.g. first application in April 2001 only 20 fields This is excellent, and we needn't shout it too loud to in but our back office costing we need to acknowledge that it will be years before we can switch many internal systems. We might limit the payback on projects not part this strategy to 3 years Include aspects from beginning really very difficult so as one has some long-on-common-sense Europeans (not just Brits) involved in both specification and development from the but an of how to it, at EnPower which year to allow just for currencies for types of transaction EOL has shown the of focussing simpler products first. Once we have warehouses for collecting accounting (DTL) and risk (RisktRAC?) then we can think about having vanilla products on STP, and yet-to-become-vanilla products on explicitly approaches. Until that time, have a strong to as different as possible a given commodity in one system, which makes separating vanillas from more complicated and costly (Think of certain deals in Power99 approximations the actual deals, manually tweaked every so Testing first thought is that leverage users pay) do of the testing. EOL got its testing done, but experience shows that in saves time one really does need to do the different phases - component, system, integration, and then user-acceptance. EOL saw confidentiality as an issue and was therefore to use users early in the process. It did have resource-commandability and so obtained from many traders. Do the Support functions have
 if we completely stop developMent of X proJect?". 
IF thAt sHoWs onE wouLd need 200 clerks foR 3 YearS until something else 
comEs aloNg THen iT MaY be chEaper thAN dEVEloPiNg, But i hOPe In mosT caSes 
it is Not!

Start smAll To Prove concept
e.G. fIrst applicAtiOn in April 2001 onlY coVers 20 fiElDs
THIs is eXceLlent, And we nEEdn't shOut it too lOuD To inveSTors in Cl, BUt 
For oUr internal back offICe COsting we need to AcknowLeDGe THAt iT wiLl be 
years bEfOre we CAn switcH OfF MANy iNTernal systems.
we might limiT The PaybacK pEriOD on proJects NoT ParT of this straTegy To 3 
years ouT?

IncluDE EuropeAN aspectS from tHe bEgiNninG
thIs ReaLlY Isn'T VeRy dIFfiCult so loNg As One haS somE LONG-on-cOmmOn-seNse 
EuRopeans (not jusT BrIts) iNVolVed in Both sPeciFiCatioN and deVelopMeNt 
from the beginnIng, bUt an as exaMplE oF hoW nOt to dO It, look At ENPoWer 
whicH took a yEAr tO aLLOW jUst for currencies etC!

80-20 rULE fOr types oF transACtIoN
eOL has shOwN thE benEFIts of FocuSSiNg on simpLer proDUcTs First.
OnCe We have RoBusT waRehouSEs foR colleCting accOuntiNG (DTL) and risk 
(RisKTRAC?) numbers thEN wE CAn THink AboUt having vanIlla PRoduCts oN sTp, 
anD Yet-to-BecomE-vANiLLa products on expliciTlY diffeRent, mAnual 
approachEs. Until thaT TIMe, we have A strONg DEsire to include As manY 
different PRodcuts aS possIble for a Given commODIty in one SysTem, WhiCh 
mAKEs Separating vanILLas fRoM others MorE compliCatEd aNd cOstLy (think of 
ceRtain deaLs In poWeR99 whIch arE ApproximAtIonS oF thE actuAL deals, And 
maNualLy TwEAkeD every sO OfTEN)

TesTiNg
tom's FirSt ThougHt is THat We could Leverage iNitIAl usErS (wHo would Not 
pay) to do mucH oF the testinG.
EoL cLearly GOT its testIng done, but other experienCE shows tHat In ordEr to 
Have anythIng Which sAveS Time onE reallY does NeEd tO DO all tHE DiFfeReNt 
phases - coMPOneNt, sysTeM, intEgratioN, end-to-end, and then usER-acCeptance.
EOL saW coNfidENTiAliTY aS An iSsUE anD WAs therefore unabLe to use manY 
eXTeRnal users eARly In The procEss. It diD have MAssive 
rEsource-coMmandabilItY and SO ObtAined input From many Traders. Do THe 
SupPOrT funcTioNs have
 if we completely stop dev elopment o f X p roj ect ?" . 
I f th at shows one w o uldneed 200 clerks for 3years  u n tils om ethin g elseco m e s a lo ng  th en it  maybecheaper  than deve lop in g, but I hop e  i n most cas es
it is not!
St art sm al l t o  prov e c oncep t
E.g. firstapplicati on in Apr i l 2001o n ly  cov ers 20 fields
Thi s  i s  excellent, an d we n ee d n' t sho utit too lou dto in v estorsi nC L ,  bu t  
for our int ernal backo ffi ce cos ti ngw e need  to a ck n owl edge that i t wi ll be 
ye ars be f ore wec an swit ch off  ma nyinte r na lsys te m s.W emig h t l imit the  p ay backperi o d o n pr oje ctsnot p art of this s tra tegy to3 
ye ars o ut?
I nclud e Euro peanas pects from thebegi nning
Thi s r ea lly  i sn'tv ery di ffi cul t so lo ng as o n e h as s o me  long-on-common-se ns e 
E uropeans  (notj us tB rits) in vo lve d in b oth s peci f ic ation an d deve l op me nt 
fro mthe be gi nni ng,  buta n as  examp le of ho w not to do it, look at EnPower 
w h ic h to o k ayea r to allowjust forcurr e nc ies etc!
80-2 0r ul e  for types of trans ac tion
E OL ha s shown the b enefits of f o cussingon s i mp l er products fi rst.Once we ha v e robust  ware houses f or collec t i ng accou nti ng(DT L)a n drisk 
(RisktR A C ?) n um bers th enwe canthi nkabo utha ving vani lla prod uc ts  o nSTP , 
an d  yet-to- be com e- van illap roduct s onexpl ic it l y d ifferen t ,m a nual  ap proa che s.  Unti l th a t t ime, we  have a s tro n g de si re  to inc lude as many
d ifferent p ro dcu ts asp o ssible f or a given commodity in one sys tem , whi ch makes sep ara ting v ani l las fr om oth ers m or e c o m plica t e dand  c ostly (Thi n k  of  
cer ta in d eals in  Power99 which are app roximations o f t he a c t ua l d e al s , a nd 
ma n u ally tweaked ev ery so oft en ) 
Testing
To m 'sfi rst tho ught is  that we coul d leverag e initial  u sers ( who  would not  
pay) t o do much of th e  t estin g.EOL cl ea rly  gotits te s tin g don e, but  o ther e xperi en ce shows  that in order to 
have  anyth ing w hic h saves t ime one  really d oesneed to do  al l t he di ffe r ent phas e s- c o mpone nt,s ystem, in t eg rat i o n,  end-to-end , a ndthenuse r -accep tanc e.
EOL saw confid e ntiality as an  iss u e  an d w a s th er efore unable t o u se m any 
ext er nal users e arly inth e  proc ess. I t didhave ma s s iv e  
reso urce -co mmandabil ity  a n d so ob ta in e d inpu t fr om  manytrader s . Do t he 
Support func tions h ave
 if_we completely_stop development of X_project?". 
If_that_shows one_would_need 200 clerks_for 3 years_until something else 
comes_along then it_may_be cheaper than developing, but I hope in most cases 
it is not!

Start small_to_prove concept
E.g._first_application_in April 2001 only covers_20 fields
This is excellent, and_we needn't_shout it too loud to investors in CL,_but_
for our internal_back office costing we need to acknowledge that it_will be 
years before we can_switch off many_internal_systems.
We_might limit the payback_period on projects not part of_this strategy to 3 
years out?

Include_European aspects from the beginning
This really isn't_very difficult so long as one_has some long-on-common-sense 
Europeans (not_just Brits)_involved in both specification and_development 
from the_beginning, but_an as example_of how not to do it,_look at EnPower_
which took a year to allow_just_for currencies etc!

80-20_rule_for_types of_transaction
EOL has shown_the_benefits of_focussing_on simpler products first.
Once we have_robust_warehouses for collecting accounting (DTL) and risk_
(RisktRAC?) numbers then we_can_think about having vanilla_products on STP, 
and yet-to-become-vanilla_products on explicitly different, manual 
approaches._Until that_time, we_have a strong desire to include as many 
different prodcuts as_possible for a given commodity in_one system, which 
makes_separating vanillas_from_others more complicated_and_costly (Think_of 
certain deals in Power99 which are_approximations of_the actual deals, and 
manually tweaked_every so often)

Testing
Tom's first_thought_is that we could leverage initial_users (who would not 
pay) to_do much of the testing.
EOL_clearly_got_its testing done, but other_experience shows that in order to_
have anything which_saves time one really does need to_do_all the different 
phases - component,_system,_integration, end-to-end, and then user-acceptance.
EOL saw_confidentiality_as_an issue and was therefore_unable to use many 
external users_early in the process. It did have massive 
resource-commandability_and so obtained_input from many traders. Do_the_
Support_functions have