LIIBA drives adoption of PPL service

LIIBA aims to make Placing Platform Limited (PPL) the market’s predominant method of trading by 1^st January 2019. The association has highlighted its commitment to this goal through firms on the LIIBA Board* producing individual adoption plans with timelines for full implementation of PPL.

LIIBA has been a staunch supporter of the LM TOM’s drive to electronic trading from when the programme first started. The association says that it is encouraged by PPL’s rates of adoption so far and the clear evidence that the latest version of the platform provides a sound basis for the placement of London Market risks.

The LIIBA Board has committed to:

1. Individually, produced adoption plans that demonstrate the timelines for full implementation. The LIIBA Board understands that these will be complemented by equivalent commitments from IUA and LMA Board members.
2. Ensuring its staff adhere to the PPL guiding principles as agreed between LIIBA, IUA and LMA.
3. Welcoming the proposal made by Lloyd’s to mandate use of an electronic trading platform at the earliest practical opportunity.
4. Actively supporting any further market initiatives designed to drive adoption of PPL.

Christopher Croft, Chief Executive of LIIBA, comments: “We believe that adoption of PPL is key to growing and enhancing London’s role as the predominant centre of the international insurance industry. These commitments will ensure that, as a market, we achieve that aim.”

Adrian Thornycroft, LM TOM Programme Director, adds: “We really value LIIBA’s support in helping to drive electronic trading. The board’s commitment to making PPL the market’s predominant method of trading by 2019 is further evidence that the London Market is embracing change and that we are working together to make London an even better place to do business.”

*Firms on the LIIBA Board