A give-up in the clearing process refers to an order executed by a clearing firm and given to a different clearing firm for clearing and processing. The Give-Up Payment System (GPS) is an electronic system that automatically transfers give-up payment banking transactions between firms, via the Harris Bank ACH system. The GPS offers:
The GPS system automatically transfers give-up payment banking transactions between firms, via the Harris Bank ACH system.
GPS is accessible via the CMEGroup Portal Web site.
The GPS webhelp is available to clearing member firms’ back office staff to view instructions for tracking give-up agreements and processing payments, on a monthly basis..
The GPS Clearing Member Agreement and Participation form explains the give-up payment system and the rules for participating in that system.
The GPS End-of-Cycle/Banking Calendar makes it easy to keep track of important end-of-cycle banking dates.