Lloyd’s capacity Auctions - Auction Newsletter No3
18 October 2021
Relevant information – Disclosure notification to the Auction Office
The following Disclosure notices have been posted on lloyds.com since Auction Newsletter No1 was published on 11 October 2021.
D2021003 – D2021004
These notices are available in the disclosures section of the capacity auctions website page:
Managing agents are reminded that Auction Rule 19(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 9.6 in the Capacity Auctions 2021 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 above. 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 using the link above.
In all cases the completed disclosure template should be sent to the following email address:
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 Capacity Auctions page on the lloyds.com website.
Opening Stakebuilders report
The report shows the percentage of capacity a member holds on a syndicate if 25% or above. Also detailed is the percentage of capacity held by members connected to the syndicate. This report will be updated after each auction and published on lloyds.com with all the auction reports.
Syndicate Constitution files (SC files)
The electronic ‘Syndicate Constitution’ (SC) files will be available for all Managing Agents of unaligned syndicates to download from the Stamp system website (https://stamp.lloyds.com) on the dates specified in the Managing Agent Stamp & Auction timetable.
Notification will be emailed when these files are available. Kindly advise if your contact has changed since last year.
Auction 1 – Reminder – bid submission times
Auction 1 will be held on Wednesday 20 October and Thursday 21 October.
The Auction system will be open for bid submission during the following times:
Wednesday (Day 1) from 9am until 2pm
Thursday (Day 2) from 9am until 2pm
Bid Staging & Submission
The auction office will be opening Auction 1 for Issuers to prepare and stage their bids from 10am on Tuesday 19 October ahead of the live auction being opened at 9am on Wednesday.
We would suggest that all Issuers ensure that they can access the system before Tuesday, even if they do not plan to stage any bids in advance. Link to the Auction system: https://auction.lloyds.com
If you have any problems accessing the system, please contact the auction office as below.
Bids – minimum bid price
Reminder - Auction bids can be made to 2 decimal places and as per the Auction Rules 2021 paragraph 8 (6), the minimum Floor Limit and minimum Subscribers’ Premium is 0.10p per £1 of capacity.
Pre-emptions / De-emptions
To review the agreed syndicate pre-emptions & de-emption for the 2022 year of account please click here.
The details given are of confirmed pre-emptions & a de-emption agreed by Lloyd’s Performance Management Directorate.
Please note: this is for information only. The necessary data on confirmed changes has been forwarded electronically by Lloyd’s Member Services to the relevant Members’ Agents to update their systems accordingly.
Auction Office contact details:
Claire Sheahan 01634 392904 and Stuart Underdown 01634 392017