The elcyMBP system contains an Auction Engine which one or more of your corporate clients are using.  This allows them to request pricing for covering bank or corporate risk.

Most of the banks involved are using the elcyMBP system to respond to any pricing requests. Your bank has chosen not to do so at this time, therefore the requests are sent to you by email for your response.

 1. Receipt of Email

The request for pricing is sent to your bank at the same time as it is made available for other involved banks within the elcyMBP system.  You will receive:

• A PDF document with the details of the risk
• An Excel spreadsheet for you to complete and return with your pricing

These will be sent from support@elcy.com to addresses that the corporate client has specified.  If your bank needs these to come to another user, please ask the corporate client directly to add in the required new email addresses for your bank.

At the bottom of the PDF document, you will see the Auction End Date & Time.  The corporate needs to choose a winning bid BEFORE this date and time, so you should look to submit your bid at the soonest possible opportunity in order to be considered.

2. Responding to Email

When you are ready to submit your bid, you should enter the details in the Excel spreadsheet as below.  Once completed, this should be emailed to auctionbidding@elcyauctions.com from an email address that the auction was sent to.  Note – if the auction was sent to a group email address, then that group email address is the one which must be used to respond.

2.1 Corporate Risk

+ Enter the ID and password provided by ELCY to your bank

+ Enter the rates as required (leave blank if not applicable to your bid)

+ You can enter a note/disclaimer/conditions at the field "Bank notes", maximum 250 characters. 

+ Note: Your bid will automatically expire at the end of the auction.

2.2 Bank Risk

+ Enter the ID and password provided by ELCY to your bank

+ Enter the rates as required (leave blank if not applicable to your bid) for Tenor A, B and/or C.  You are not required to respond to all tenors, information about the tenors is contained in the PDF Auction_Details so ensure you are responding to the correct one

+ Any fees applicable can be entered as a fixed amount or %

+ You can enter a note/disclaimer/conditions hat the field "Bank notes", maximum 250 characters.

+ Note: Your bid will automatically expire at the end of the auction.

3. Bid Processing

Your email will be processed by the elcyMBP system and the details of your bid uploaded automatically.

4. Bid processed successfully

You will receive an email confirming the details that have been uploaded into the system and are now available to the corporate client.  If these details are incorrect, you need to contact the corporate immediately.

5. Bid not able to be processed

If your bid spreadsheet was not correctly formatted, you will receive an email showing you which particular entries were incorrect.  You can amend these in your original spreadsheet and send it through again for processing.

6. No response

If you do not receive a response to your bid submission, then the most common causes are that you have sent the submission in from an unrecognised email address, or that the username and password do not match those recorded in the system.  Please send again from an email address that received the Auction Details directly, checking you have the correct password.

If you are still unable to get a response confirming either that your bid has been successfully processed or has been rejected, please contact the ELCY Helpdesk (elcy-helpdesk@surecomp.com) who can check the status of your bid and/or why the email has been rejected.  Your bid is not available to the corporate until you have received a response showing a successfully processed bid.

7. Outcome of Auction

The corporate can choose to accept one of the bids or can reject all bids.

7.1 Bid accepted

If your bid has been accepted by the corporate, you will receive an email similar to this one. Please liaise directly with the corporate customer to finalise details.

7.2 Bid not accepted

If your bid was not the winning bid, you will receive an email stating this, similar to this one.