Lloyd's Capacity Auctions 2013

Auction Newsletter No 1 

Welcome to the first issue of the Auction Newsletter for the 2013 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, guides and statistics are available on the capacity section of the lloyds.com website. 

Auction Dates for 2013

            Auction 1:   24/25 September

            Auction 2:   8/9 October

            Auction 3:   15/16 October

            Auction 4:   12/13 November

 

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 2013 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.

The template is available to download from the lloyds.com website. 

In all cases the completed disclosure template should be sent to the following mailbox:

lloyds-auctionoffice@lloyds.com

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 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:

D2013001 to D2013004

These notices are available on the disclosures section of the capacity website.

 

Administrative matters

Managing agent syndicate results

Managing agents that wish to receive a 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 Friday 20 September 2013:

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

We will require confirmation from compliance officers that staff requiring 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 Friday 20 September 2013.

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 has been forwarded by Market Services to members’ agents notifying them of the necessary percentages/data to be applied to their systems.

Auction System access

Access to the Auction system has now been granted to all 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.

Bids

Reminder - Auction bids can now be made to 2 decimal places and the minimum bid is therefore 0.01p per £1 of capacity.

Auction Timetable change

Please note that the date on which the Auction Official will announce which syndicates will be admitted to the Fourth Auction has changed from Monday 4 November to Wednesday 6 November. The Auction Newsletter due for publication on the 4 November will also be re-scheduled to the 6 November.

 

Auction Official

The auction official for 2013 is Peter Spires, Head of Legal & Compliance.

 

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 01634 392486 or 01634 392056 respectively.