EGUS - CCP
(Redirected from Electronic Give-Up System)
- What is EGUS: EGUS is the FIA Electronic Give-Up Agreement System. It is a web-based system designed to allow executing and clearing brokers, traders and customers to execute the FIA International Uniform Give-Up Agreement electronically.
- Do you have to be a member of FIA to participate?: No. EGUS is open to all parties to give-up agreements regardless of membership in FIA.
- Why did FIA take on this project?: FIA/FOA conducted a study to determine what projects could be undertaken by the industry as a whole to improve operational efficiency. Give-ups were the most frequently mentioned area in which firms could work together to improve the process and reduce costs. Even before the study took place, FIA divisions were working on ways to reduce the inefficiencies in executing give-up agreements and improving the fee collection process. The FIA board felt that the FIA should take on the project rather than allowing a third-party vendor to develop the system so that the industry could control the design, development and costs of maintaining and running the system.
- What is the nature of FIA’s relationship with the supplier?: FIA has contracted with Markit Group to provide the web-based electronic platform for EGUS. Markit Group is a respected provider of automated solutions to the financial services industry. Markit's services include processing of over-the-counter derivatives, secure real-time communications, and compliance and counterparty management. FIA retains the intellectual property contained within the system and can move the data to another supplier if necessary.
See also
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