The Futures Industry Association (FIA) and Markit have announced that their global electronic give-up agreement system (EGUS) for traders in the futures market has achieved key operational efficiency milestones since its launch in February 2007. Further efficiencies are expected when the second phase of the project is released in November 2007. In six months, EGUS has cut the average time it takes to execute give-up agreements from 39 days to two days. Recently, a give-up agreement was fully executed in 45 minutes. Forty-five executing and clearing brokers, and 85 customer/traders, representing more than 235 entities, are now active on EGUS. They have executed a total of 1,500 agreements through the platform since its launch. EGUS is an electronic platform that allows executing brokers, clearing brokers and their customers to create, amend, review and execute give-up agreements online. The electronic platform is provided by Markit. The second phase of the project, to be released in November, focuses on delivering data electronically to institutions’ back offices and exchanges’ payment systems. This aims to further automate the give-up process, eliminate duplicate entries in counterparties’ systems and make billing more efficient. EGUS is open to all executing and clearing brokers regardless of FIA membership.
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