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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 is "given up" by the hedge fund to its prime broker, who then turns around and executes an (economically) identical 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 two 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 often won't be a client of the executing broker at all) and never creates its own contract with the executuing broker. Thus there's only ever one contract between Dealer and Prime Broker - so the document is a misnomer of sorts.
+===[[ISDA give-up]]s===
-*'''Equity Give Up''': Under a cash equity give-up process, the prime broker's client seeks a price indication from the executing broker, but never transacts any trade at all, but rather takes the quote and instructs its prime broker to do so, and following execution the PB creates a back-to-back transaction with its client. This one is a misnomer to, 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}}