Opening newsletter 2009
Welcome to the first issue of auction news for the 2009 auction season.
The Auction Office anticipates publishing an auction newsletter every Friday throughout the auction season and on other dates as and when appropriate.
All auction newsletters, disclosures, timetable, forms, results, rules and guides and statistics are available on the lloyds.com website. Please click here to go to the Auction homepage.
Relevant information
Disclosure notification to the Auction Office
Managing agents are reminded that Auction Rule 20(4) imposes an obligation on managing agents to disclose relevant information promptly to the members of your syndicate. The release of relevant information immediately prior to, or during an auction, could result in a false market and will therefore always be investigated.
Your attention is also drawn to paragraph 9.7 in the Capacity Auctions and Bilateral Arrangements 2009 Explanatory Guide:-
“The Auction Office will accept disclosures up to noon on the penultimate working day before an auction starts. For example, if an auction is due to commence on a Tuesday, the Auction Office will accept disclosures up to noon on the preceding Friday. If, however, a disclosure is to be listed in a regular Friday Newsletter, then the Auction Office needs to be in receipt of the disclosure by 5pm on the Thursday of the week preceding an auction.”
In addition, to ensure that disclosures are centrally held and available in one easy-to-access place, an electronic version of the disclosure on the prescribed template must be sent to the Auction Office via email. A copy of the template is available to download from the lloyds.com website.
In all cases the completed relevant information disclosure template should be sent to the following mailbox: lloyds-auctionoffice@lloyds.com
The Auction Office is unable to accept disclosures in any form other than that described above.
The Auction Office will arrange for all disclosures to be posted to the designated area on the lloyds.com website within 3 hours of receipt. Please note that disclosures will be posted in their original form (i.e. unedited by the Auction Office).
The following disclosure notices have been posted on the lloyds.com website to date and can be accessed by clicking here.
D2009001 to D2009003.
Other administrative matters
CM & MA files - email address
Members’ agents need to ensure that all Capacity movement ‘CM’ files and Members’ allocation ‘MA’ files are sent to the following email address:-
lloyds-market-services-syndicate-stamps@lloyds.com
Managing agent syndicate results
Managing agents who wish to receive an automatic feed of auction results as they affect their own syndicate after each auction, need to ensure that the following information is supplied to the Auction Office by Thursday 27 August 2009:
Agent code, agent name, syndicate numbers and email address.
All results report
A report detailing all successful auction bids, interaction and bilateral arrangement results will be available after each auction. If you require a copy please email your request to the Auction Office by Monday 7 September 2009.
Pre-emptions/de-emptions
A spreadsheet detailing proposed pre/de-emptions will be published with future Auction Newsletters based on the information supplied to Market Services on the ‘PI’ (Pre-emption Intention) and ‘DI’ (De-emption Intention) forms submitted earlier by the relevant managing agent of the syndicate. This is solely for information. An electronic file will be forwarded by Market Services to members’ agents notifying them of the necessary percentages/data to be applied to their systems.
Managing agents should note that they may only apply a pre-emption or de-emption percentage of up to a maximum of 3 decimal places.
PKF ADEG Auction Software
The PKF ADEG Auction software, manual and installation instruction has this year been sent out via email. It is available to all Issuers that have notified the Auction Office by submitting a Form A – ‘Declaration by - Issuer'.
Testing of facsimiles/DDI numbers/ADEG files
All issuers are invited to submit test fax control sheets (using the DDI number, which has been allocated to you) from Thursday 20 August 2009.
Should you wish to discuss the testing please contact the Auction Office on 01634 392486 / 392056.
Auction Official
The auction official for 2009 is Peter Spires.
Auction Office
Sally Dunning and Graham Bonner are responsible for the administrative function for the capacity auctions and can be contacted at lloyds-auctionoffice@lloyds.com or on the telephone numbers given above.
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