Give-Ups

A give-up refers to an order executed by a firm and 'given up' to a different firm for clearing and processing.

For give-up functionality, tag 9708-CmtaGiveupCD=GU and tag 9707-GiveUpFirm are set to the give-up firm ID. Tag 9707-GiveUpFirm identifies the clearing member firm to which the fill is given up. Tag 9708-CmtaGiveupCD indicates if the order is a give up or a mutual offset.

In iLink 2 New Order messages, Order Cancel/Replace Request (tag 35-MsgType=G) messages, and corresponding Execution Report (tag 35-MsgType=8) messages, tag 78-NoAlloc and tag 79-AllocAccount support give-up functionality at the account level. This repeating group allows users to provide only one give-up account.

To take full advantage of new tags 78-NoAlloc and 79-AllocAccount, and to ensure proper functioning of tags 78-NoAlloc, 79-AllocAccount, 9707, and 9708, tags 78-NoAlloc & 79-AllocAccount must be used in conjunction with 9707-GiveUpFirm & 9708-CmtaGiveupCD. Tag 9707-GiveUpFirm indicates the give-up firm and tag 79-AllocAccount indicates the account within that firm.

The following diagram illustrates how tags 78-NoAlloc and 79-AllocAccount are returned on outbound messages:

For more information, see Give-Up - Reject Rules