A procedure in derivatives trading (part of allocation process) whereby a broker sends an instruction a custodian to take up a trade in case the broker is not the custodian of the final client. Initially, the brokers sends a give-up (give-up instruction) to a custodian for allocation: the custodian will try to allocate the trade on the account of that client. If the custodian is not that of the client, a take-up will be sent to the right custodian.
January 31, 2024