More NewsFIA and Markit Announce Operational Efficiency Success

FIA and Markit Announce Operational Efficiency Success

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.

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

4w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

6m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

6m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha