Lloyd's Capacity Auctions 2018 - Auction Newsletter No 1

 

15 October 2018

 

Welcome to the first issue of the Auction Newsletter for the 2018 auction season.

The Auction Office anticipates publishing an auction newsletter every Monday 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:-

http://www.lloyds.com/The-Market/Business-Timetable/Capacity-Auctions

 

Auction Dates for 2018

            Auction 1:   Wednesday 24 October / Thursday 25 October

            Auction 2:   Wednesday 31 October / Thursday 1 November

            Auction 3:   Wednesday 7 November / Thursday 8 November

N.B. there will only be 3 auctions in total held during 2018. The former limited fourth auction will not take place.

 

Relevant information - Disclosure notification to the Auction Office

Deadline to submit a Disclosure pre-Auction 1 is midday Monday 22 October

Deadline to submit a Disclosure pre-Auction 2 is midday Monday 29 October

Deadline to submit a Disclosure pre-Auction 3 is midday Monday 5 November

 

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 2018 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 below. 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 at:

http://www.lloyds.com/the-market/business-timetable/capacity-auctions/disclosures

 

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.

The following disclosure notices have been posted on the lloyds.com website to date: D2018001 to D2018004

These can be accessed by clicking on the following link: http://www.lloyds.com/the-market/business-timetable/capacity-auctions/disclosures

 

Administrative matters

 

Bids  

Reminder - Auction bids can be made to 2 decimal places and as per the Auction Rules 2018 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 Friday 19 October 2018:

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

Confirmation is required from compliance officers that staff requesting 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 19 October 2018.

Pre-emptions / De-emptions

A report detailing pre-emptions & de-emptions agreed by the Lloyd’s Performance Management Directorate will be published with Auction Newsletter No2.

This is solely for information purposes only. An electronic file will be 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 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

Privacy Notice

Lloyd’s is required to process personal data relating to the individual members who participate in the Auctions to run the process in accordance with the 2018 Auction Rules. A copy of the Auctions Privacy Notice can be accessed by clicking here. The Auctions Privacy Notice has also been shared with members’ agents for circulation to individual members participating in the Auctions.

Auction Official

The auction official for 2018 is Peter Spires, General Counsel.

Auction Office contact details

Sally Dunning and Claire Sheahan 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 392904 respectively.

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