Auction Newsletter No1 for 2017

Lloyd's Capacity Auctions 2017 - Auction Newsletter No 1

20 October 2017

Welcome to the first issue of the Auction Newsletter for the 2017 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, results, timetable, rules and guides are available on the lloyds.com website. The following link will take you to the Auction homepage:

Auction Dates for 2017

• Auction 1:   Tuesday 31 October / Wednesday 1 November
• Auction 2:   Tuesday 7 November / Wednesday 8 November
• Auction 3:   Tuesday 14 November / Wednesday 15 November

N.B. there will only be 3 auctions in total held during 2017. The former limited fourth auction will not take place.

Relevant information - Disclosure notification to the Auction Office

• Deadline to submit a Disclosure pre-Auction 1 is midday Friday 27th October
• Deadline to submit a Disclosure pre-Auction 2 is midday Friday 3rd November
• Deadline to submit a Disclosure pre-Auction 3 is midday Friday 10th November

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 2017 Explanatory Guide which mentions that “The Auction Office will accept disclosures up to noon on the penultimate working day before an auction starts”.

In addition, disclosures are centrally held on lloyds.com and available to view via the link below. An electronic version of the completed prescribed disclosure template must be sent to the Auction Office via email. A copy of the template is available to download from the lloyds.com website at:

N.B.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 page on the lloyds.com website.

No disclosure notices have been posted on the lloyds.com website to date.

Disclosures can be accessed by clicking on the following link:

Administrative matters

Bids

Reminder - Auction bids can be made to 2 decimal places and as per the Auction Rules 2017 paragraph 8 (6), the minimum Floor Limit and minimum Subscribers’ Premium is 0.10p per £1 of capacity.

Managing agent syndicate results

Managing agents will receive a feed of auction results as they affect their own syndicate after each auction. Please ensure that the following information is supplied to the Auction Office by Tuesday 24 October 2017:

Agent code, agent name, syndicate number(s) and contact email address.

Confirmation is required from compliance officers that staff requesting this information are entitled to receive it.

All results report

A report detailing all successful auction bids, bilateral arrangement and interaction results will be available after each auction. If you require a copy please email your request to the Auction Office by Tuesday 24 October 2017.

Pre-emptions / De-emptions

A report detailing pre-emptions & de-emptions approved by the Lloyd’s Performance Management Directorate will be published with Auction Newsletter No2.

This is solely for information purposes only. An electronic file will be forwarded by Market Services to members’ agents notifying them of the necessary capacity figures to be applied to their systems.

Auction System access

Access to the Auction system has now been granted to authorised persons included on the Issuers Form A.

A user manual is available if required and can be forwarded on request; please e-mail the Auction Office if you require a copy.

Prior to the first auction please ensure all authorised persons can successfully login to the auction system using the following link:

Auction Official

The auction official for 2017 is Peter Spires, General Counsel.