The FIA Law & Compliance Division’s Give-Up Subcommittee has published for a second public comment period proposed changes to the International Uniform Brokerage Execution Services (“Give-Up”) Agreement. As outlined during the first public comment period, the revisions are driven by simplifying the rate amendment process for Agreements. FIA received over twenty (20) comments from the first comment period. Thanks to everyone who took the time to submit feedback. The Committee has reviewed the comments received and further revised the draft agreement. Please see the enclosed redline, showing changes between the first and second public comment period and providing comments for further context on certain provisions.
A summary of certain changes made since the first public comment period are:
- Paragraph 5 – reinstated clearing broker’s responsibility to verify billing, subject to a commercially reasonable standard;
- Paragraph 12 – removed the concept of an “Alternate Bill-To Party.” The revised draft notes that unsupported rate types may not be billed to clearing broker, but does not require an alternate party for billing to be named. EB and Trader/Customer would address billing in such circumstances amongst themselves;
- Paragraph 12 – the billing deadline is extended from 60 day to 180 days;
- Paragraph 12 – clarified that where a clearing account of a customer is no longer active, but clearing broker is holding accrued funds for such customer, clearing broker shall pay invoices to the extent of any such accrued funds;
- Addendum B – added a third way to list supported products, intended to permit clearing brokers to list supported products with certain exclusions (e.g., clearing broker will support all products from Exchange XYZ, except products A, B, and C); and
- Addendum C – added language to support multiple legal entity executing brokers, from the same corporate family, and multiple legal entity customers, from the same corporate family, signing one Addendum C.
The above constitutes a non-exhaustive summary. FIA strongly encourages interested parties to carefully review the full document linked above. Edits have been made to the Trader Version of the Give-Up Agreement; changes will be extrapolated across all agreement versions once finalized.
If you have any feedback on the proposed revisions, please email Natalie Tynan a redline mark-up by the close of business on Monday, 17 August 2026. To provide necessary and timely updates to these agreements, FIA intends to adhere to this deadline.
The Give-Up Subcommittee will consider all comments and feedback. The Subcommittee may reach out to you for clarification on your comments and/or feedback. After considering all timely submissions, the Give-Up Subcommittee will recommend revised language to the Law & Compliance Executive Committee for final approval.
FIA will continue to assert copyright over all form agreements that it publishes, including those that incorporate suggestions from industry.
If you have any questions, please contact Natalie Tynan.
Disclaimer: None of the information provided by FIA or its members, including, without limitation, any of the versions of the International Uniform Brokerage Execution Services (“Give-Up”) Agreement, is intended to provide investment, tax, business, legal or professional advice, including, but not limited to, advice regarding what specific limits may apply to any trading. Neither FIA or its members make any representations, warranties, or guarantees as to any information provided, including, without limitation, any of the versions of the International Uniform Brokerage Execution Services (“Give-Up”) Agreement or any of such agreements’ contents.
