Lloyd's Capacity Auctions 2015
Welcome to the first issue of the Auction Newsletter for the 2015 auction season.
The Auction Office anticipates publishing an auction newsletter every Monday throughout the auction season and on other dates as and when appropriate. This is a change to the usual Friday as mentioned in the Auction Guide due to the Auction Disclosure deadlines falling on a Monday this year.
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 2015
Auction 1: Wednesday 30 September / Thursday 1 October
Auction 2: Wednesday 7 October / Thursday 8 October
Auction 3: Wednesday 14 October / Thursday 15 October
Auction 4: Wednesday 11 November / Thursday 12 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 2015 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, 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 at:
In all cases the completed disclosure template should be sent to the following mailbox:
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.
The following disclosure notices have been posted on the lloyds.com website to date:
D2015001 to D2015007
These can be accessed by clicking on the following link: http://www.lloyds.com/the-market/business-timetable/capacity-auctions/disclosures
Bids – minimum bid price change
Reminder - Auction bids can be made to 2 decimal places however the minimum bid price has changed. As per the Auction Rules 2015 paragraph 8 (6), the minimum Floor Limit and minimum Subscribers’ Premium is now 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 Friday 25 September 2015:
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 25 September 2015.
Pre-emptions / De-emptions / Mergers
A spread sheet detailing proposed pre/de-emptions will be published with future Auction Newsletters based on the information supplied to Market Services 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.
The auction official for 2015 is Peter Spires, Head of Legal & Compliance.
Sally Dunning, Claire Sheahan and Graham Bonner are responsible for the administrative function for the capacity auctions and can be contacted at email@example.com or on 01634 392486, 01634 392904 or 01634 392056 respectively.