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-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 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. This one is a misnomer to, amusingly enough*, since here, also, there is never a contract that is given up.

• If that sort of thing floats your boat.