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-'''Never''' surrender.
+{{anat|brokerage|[[File:Rickroll.jpg|centre|thumb|500px|The original EGUS standard electronic give up was developed by the [[futures commission merchant]] Stock, Aitken & Waterman]]}}
+''Never'' surrender.
-A give up is in practical theory an arrangement whereby a pending trade between a hedge fund and an [[executing broker]] - be it a [[derivative]] or for a [[cash trade]] - is "given up" by the hedge fund to its [[prime broker]], who accepts the fund's contract with the executing broker on condition that it can put on an economically identical off-setting transaction with the hedge fund.
+A [[give up]] is, in practical theory, an arrangement whereby a [[hedge fund]] “gives up” pending transaction — be it a [[derivative]] or a [[cash trade]] — it has executed (or, cough, unsubtly hinted it is “highly interested” in executing) to its [[prime broker]], who accepts the [[hedge fund]]’s contract with the [[executing broker]] on condition that it puts on an economically identical off-setting transaction with the [[hedge fund]].
 It sounds, you might think, like some kind of novation. But oh, no. That would be far too sensible.
-There are three normal ways of giving up, and ironically neither of them involve any contract which is given up.
+There are three normal ways of giving up, and ironically none of them involve a contract which is “given up” as such. To make matters worse, the three methods are profoundly different in every respect.
-*'''ISDA Give Up''': under the [[2005 ISDA Master Give-Up Agreement]], derivatives traded under an {{isdama}} may be given up to a {{tag|Prime broker}}. Under this arrangement the hedge fund acts at all times as the prime broker's [[agent]] (it may not be a client of the {{tag|executing broker}} at all) and never creates its own contract with the executuing broker - it simply arranges the contract between the {{tag|executing broker}} and the prime broker. The [[PB]] then puts on a back-to-back trade with the [[HF]] under the ISDA between them. Net result: the PB intermediates between [[EB]] and [[HF]]. Calling this arrangement a "give-up" is something of a misnomer.
+===[[ISDA give-up]]s===
-*'''Equity Give Up''': Under a cash equity give-up process, the hedge fund seeks a ''firm price'' indication from the {{Tag|executing broker}}, but ''does not act on it'': rather, the HF takes the quote and instructs its [[prime broker]] to do so. Once the PB has traded with the EB, the PB creates a back-to-back transaction with its client, usually in the shape of an equity swap transacted under an {{isdama}}. This one is a misnomer too, amusingly enough*, since here, also, there is never a contract that is given up.
+{{isda giveup}}
-*'''ETD Give Up''': Documented under the {{tag|FIA}} standard giveup documentation, available free to the world, [http://www.fia-tech.com/EGUS/Agreements/standard.asp here]. There is a [http://www.fia-tech.com/downloads/STDC-2008-final.pdf Customer Version] and a [http://www.fia-tech.com/downloads/STDT-2008-final-1.pdf Trade Version] of the [[Electronic Give-Up System]] ([[EGUS - CCP|EGUS]]).
+===[[Equity give-up]]s===
+{{equity giveup}}
+===ETD Give Up===
+Documented under the {{tag|FIA}} standard giveup documentation, available free to the world, [http://www.fia-tech.com/EGUS/Agreements/standard.asp here]. There is a [http://www.fia-tech.com/downloads/STDC-2008-final.pdf Customer Version] and a [http://www.fia-tech.com/downloads/STDT-2008-final-1.pdf Trade Version] of the [[Electronic Give-Up System]] ([[EGUS - CCP|EGUS]]).
+The {{tag|ETD}} give-up is the only one that functions as a real trade between client and [[executing broker]] and then a [[novation]] of that trade from client to [[clearing broker]], at which point a back-to-back transaction springs into life between the [[clearing broker]] and the [[client]].
 ===See Also===
 *[[2005 ISDA Master Give-Up Agreement]]
+*[https://www.youtube.com/watch?v=oHg5SJYRHA0 Important information about give-ups]
+{{ref}}
+{{egg}}