Lloyd’s capacity auctions
Auction Newsletter No2
The following Disclosure notices have been posted on lloyds.com since Auction Newsletter No1 was published on 21 September 2015.
D2015008 – D2015014
These notices are available on the disclosures section of the capacity website.
Opening Stakebuilders report
The report shows the percentage of capacity a member holds on a syndicate if it is above 25%. 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’ 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 timetables.
Notification will be emailed when these files are available. Kindly advise if your contact has changed since 2014.
Auction 1 - Reminder
Auction 1 will be held on Wednesday 30 September and Thursday 1 October.
The Auction system will be open for bid submission at the following times:
Wednesday (Day 1) from 9am until 1pm
Thursday (Day 2) from 10am 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 29 September ahead of the live auction being opened at 9am on Wednesday.
We would suggest that all Issuers who will be submitting bids in Auction 1 ensure that they can access the system before Tuesday, even if they do not plan to stage any bids in advance.
If you have any problems accessing the system, please contact the auction office as above.
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.
Pre-emption, de-emption, mergers and cessations
The details given are of proposed pre-emptions and de-emptions, all of which are subject to approval by Lloyd’s Performance Management Directorate whose approval is expected by 23 October 2015.
Please note: this is for information only. The necessary percentages/data on confirmed changes will be forwarded electronically by Lloyd’s Market Services to the relevant Members’ Agents to update their systems accordingly.
Auction Office contact details:
Sally Dunning 01634 392486, Claire Sheahan 01634 392904 or Graham Bonner 01634 392056