From: e-trader@stella-am.com
To: george.lark@virgin.net
Subject: Re: Our Christmas lunch.

You bet it’s on. I need some light relief. Shall we invite Shirley? It’s about time she learned a little of the ways of the Old City. Not sure about a Scottish meal, though. Why can’t we go to Gows and have some fish?

From: jamie.burt@stella-am.com
To: e-trader@stella-am.com
Subject: No problem.

Of course I can help, but are you sure your fund is able to take derivative positions? I’ve not been here long enough to know quite how you are all set up so I suggest you check before committing yourself to action you may have to unwind.

From: e-trader@stella-am.com
To: stephen.james@stella-am.com
Subject: Help!

I want to hedge my UK equity position to provide some protection against any downturn in the market, but the new guy from Fleet has queried whether I can do it.

From: stephen.james@stella-am.com
To: e-trader@stella-am.com
Subject: Re: Help!

Haven’t got a clue. Not sure who to ask, either. Hugh won’t know for sure. You’d better ask one of the guys in the admin department. Pete Baker’s always helpful.

From: liz.trader@hotmail.com
To: e-trader@stella-am.com
Subject: Some Christmas cheer.

You remember my uncle Alan bought a villa in the Algarve last year? Well, I rang him and no-one is staying there over Christmas and the New Year. Let’s go – you can play golf and I can unwind after my career interruption.

From: e-trader@stella-am.com
To: hugh.golder@stella-am.com
Subject: Christmas holidays.

Checking my diary I find I’m hitting the year end with holiday still available. Liz deserves a break – the American investment she joined has been downsizing and she’s a victim – so I plan to take a couple of weeks off. I take it you’ve no objection?

To be continued…