2005 ISDA Master Give-Up Agreement

Here is a copy of the 2005 ISDA Master Give-Up Agreement.

This is an agency agreement whereby a prime broker client (called the “Designated Party”) may enter transactions under an ISDA Master Agreement with an executing broker (called the “Dealer”) on behalf of the Designated Party’s Prime Broker. There is never a principal-to-principal contract between the Designating Party and the Dealer.

Ironically – amusingly even, if ISDA documentation can ever said to be even faintly amusing – there is no give-up under this arrangement – there’s only ever one contract between Dealer and Prime Broker – so the document is a misnomer of sorts.

Compare that to the cash equity give-up process, where the prime broker’s client seeks a price indication from the executing broker, but never transacts any trade at all, but rather instructs its prime broker to do so, against execution of a distinct equity swap between prime broker and client. This one is a misnomer too, amusingly enoughsince here, also, there is never a contract that is given up.

Table of Contents

Section 1. Authorization
Section 2. Representations and Warranties
Section 3. Accepted Transaction and Trade Acceptance Procedure
Section 4. Termination
Section 5. Delivery and Effectiveness of Communication and Trade Notices
Section 6. Governing Law and Proceedings
Section 7. Miscellaneous
Section 8. Definitions
Schedule
Part 5 (Termination notice)

See also

• Termination (Section 4 of the 2005 ISDA Master Give-Up Agreement)
• Delivery and Effectiveness of Communication (Section 5(a) of the 2005 ISDA Master Give-Up Agreement)
• Termination notice
• Part 5 to the Schedule about effectiveness of termination notices.
• Give-up