Lloyd's Capacity Auctions 2016 - Auction Newsletter No 1
Welcome to the first issue of the Auction Newsletter for the 2016 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 2016
Auction 1: Tuesday 1 November / Wednesday 2 November
Auction 2: Tuesday 8 November / Wednesday 9 November
Auction 3: Tuesday 15 November / Wednesday 16 November
N.B. there will only be 3 auctions in total held during 2016. The limited fourth auction will not take place.
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 2016 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.
To date no disclosure notices have been posted on the lloyds.com website.
Any disclosure notices published in the future can be accessed by clicking on the following link: http://www.lloyds.com/the-market/business-timetable/capacity-auctions/disclosures
Reminder - Auction bids can be made to 2 decimal places and as per the Auction Rules 2016 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 25 October 2016:
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 Tuesday 25 October 2016.
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 has been 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 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 using the following link: https://auction.lloyds.com
The auction official for 2016 is Peter Spires, General Counsel.
Auction Office contact details
Sally Dunning, Claire Sheahan and Graham Bonner are responsible for the administrative function for the capacity auctions and can be contacted at firstname.lastname@example.org or on 01634 392486, 01634 392904 or 01634 392056 respectively.