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The give-up functionality allows members to transfer transactions to other members. The acceptance of transferred transactions is called take-up. The receiving member and the respective Clearing Member must accept the give-up for it to become valid. All give-up/take-up requests of an initiating member require the approval of their respective Clearing Member. Clearing Members may specify auto-approval per participant. The give-up Clearing Member can approve at any time (i.e. it can be the first, second, or third action in the process). The take-up Clearing Member can only approve after the take-up participant Exchange Member NCM has claimed or taken-up the transaction.

The following conditions must be met for a transaction to be available for give-up:    

  • The transaction is "to open"
  • The source account is held gross (i.e. give-up from an M account is not possible only for trades entered as quotes)
  • The transaction duration has not expired (i.e. on T=trade date, T+1, T+2 and T+3)
  • The contract has not expired

The initiating Member can cancel the give-up process as long as the status is “pending”. Deleted or rejected give-up transactions remain in the account of the initiating Member. The same applies for give-up transactions that are not fully accepted by the clearing period.

Pending give-up processes are not cancelled during a booking cut (EOD processing) but will automatically be reallocated on the next business day if the conditions for give-up (see above) are still met.

Transactions that are part of a pending give-up process cannot be adjusted.

Atlantis service

Eurex Clearing supports the Atlantis service (formerly known as eGAINS) from the FIA Technology Services, Inc, a wholly-owned subsidiary of FIA (Futures Industry Association). The Atlantis service is aimed to address inefficiencies in the brokerage, billing and payment process related to the processing of give-ups to allow for an electronic handling, reconciliation and break-management between executing and clearing brokers.

Eurex Clearing incorporates a daily transfer of give-up and take-up related transaction data to the Atlantis system. To comply with data protection and privacy only give-up and take-up data where all involved parties have subscribed to the Atlantis service will be prepared for transmission to the Atlantis system.

In order to participate in this automated billing service, interested firms need to initiate an Atlantis agreement with the FIA Technology Service, Inc. Following this agreement between the participant and the FIA Technology Services, Inc., the members will be set up accordingly by Eurex Clearing.