The project consists of two phases. The first phase went live on 12 February, 2007 and provides all parties to the give-up agreement the opportunity to execute all variations of the agreement online. EGUS has decreased the time to execute an agreement from average of 39 days to 2 days. In the second phase, a Rate Data Feed was established to allow EGUS Agreement Data to flow into downstream billing systems such as eGAINS and GPS. FIA Tech has also been able to implement a number of enhancements that were identified by the Supporting FCMs, and FIA Tech is preparing to roll out EGUS 3.0.
Participating in the FIA EGUS system
In order to participate in the FIA Electronic Give-Up Agreement System (EGUS), each system user must physically sign an Adherence Agreement and return it to the FIA. The Adherence Agreement refers to the System User Agreement which includes the terms and conditions for using the system. The System User Agreement does not need to be signed; it will appear as a click-through agreement the first time each user accesses the system.
Making the Process More Efficient
FIA estimates that the average cost of executing a give-up agreement including staff time and postage frequently exceeds $100 per agreement. Customers at a recent FIA end-user roundtable agreed with brokers that executing give-up agreements is an administrative nightmare. EGUS will allow you to:
- Eliminate mailing costs associated with give-up agreements
- Establish trading relationships more quickly
- Reduce staff time
- Keep agreements in an electronic storage facility (think disaster recovery)
- Facilitate communication with counterparties—EGUS prompts participants to update contact information