Give up: Difference between revisions

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Give up (view source)

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-{{anat|brokerage|[[File:Rickroll.jpg|thumb|500px|The original EGUS standard electronic give up was developed by the [[futures commission merchant]] Stock, Aitken & Waterman]]}}
+{{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.
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 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===
+===[[ISDA give-up]]s===
-Under the [[2005 ISDA Master Give-Up Agreement]], a fund may “give up” [[derivatives]] it has traded with a [[broker]] to its {{tag|Prime broker}}. It will usually do this because it does not have an {{isdama}} with the [[broker]]. Under this arrangement the [[hedge fund]] acts at all times as the [[Prime broker|prime broker’s]] [[agent]] (it may not be a client of the {{tag|executing broker}} at all) and never creates its own principal contract with the executing broker, but 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 {{isdama}} between them. Net result: the PB intermediates between [[EB]] and [[HF]]. Calling this arrangement a “give-up” is something of a misnomer.
+{{isda giveup}}
-===Equity Give Up===
+===[[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]]).