What is eGAINS?
How did eGAINS come about?
How does EGUS differ from eGAINS?
How does eGAINS work?
Who manages or administrates the eGAINS systems?
What exchanges are included in eGAINS?
What products are supported in eGAINS?
What currencies does the eGAINS system support?
How does eGAINS differ from other give-up processing systems?
What is the status of eGAINS – when will it be launched?
In preparation for the eGAINS launch, what are the operational timelines and user deadlines?
Will there be eGAINS training for firms/users?

To view additional Frequently Asked Questions, please click on the applicable link below:

FAQ eGAINS Set-Up

FAQ eGAINS Trade Processing

FAQ eGAINS Banking

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» What is eGAINS?

Electronic Give-Up Automated Invoicing System (eGAINS) is a web-based billing system for processing give-up transactions at multiple exchanges.

» How did eGAINS come about?

The Futures Industry Association (FIA) spent the last three years helping the listed derivatives industry address inefficiencies in the give-up process. In February 2007, FIA launched EGUS - an electronic system to execute give-up agreements. Concurrently FIA has been working with the Futures and Options Association to put a system in place to manage give-up payments between executing and clearing brokers.

U.S. exchanges and clearing organizations have developed proprietary systems to automate their billing process and manage the clearing member firms’ payables and receivables (i.e. GAINS). The FIA European Chapter worked for over a decade to get a similar system in place for the European markets. Attempts to launch a similar system for the European markets were unsuccessful because the exchanges did not want to share their data with competing clearinghouses. To solve this dilemma, the FIA agreed to license GAINS from The Clearing Corporation (CCorp) and enlist the services of an independent third-party service provider (Markit Group) to run the system.

» How does EGUS differ from eGAINS?

EGUS is the FIA’s Electronic Give-Up Agreement System - a web-based system allowing executing and clearing brokers, traders and customers to execute the FIA International Uniform Give-Up Agreement electronically. eGAINS is the FIA’s Electronic Give-Up Automated Invoicing System - a web-based participant billing system for processing give-up transactions at multiple exchanges. EGUS facilitates and automates give-up agreement processing (documents) and eGAINS facilitates and automates give-up trade fee processing (payments).

» How does eGAINS work?

Given a completed give-up agreement and rate schedule in EGUS, the eGAINS system will:

• Obtain give-up agreement and rate information from EGUS (daily download from EGUS to eGAINS).
• Receive the end-of-day give-up transaction file from the participating exchange(s).
• Look up the execution agreement, account, rate, and calculate the give-up transaction fees.
• Provide the participants T+1 reports and end-of-month preliminary and final reports.
• Allow participants to review trade details, modify transactions, resolve discrepancies, and confirm or reject trade changes.
• Complete the billing cycle. eGAINS automatically debits and credits the clearing and execution participants respectively.

» Who manages or administrates the eGAINS systems?

FIA Technology Services, Inc., a wholly owned subsidiary of FIA, is the administrator of eGAINS. Operationally, the exchanges electronically send trade data at the end of each trading day. Each day eGAINS downloads agreement and rate information from EGUS. The eGAINS application cross references the exchange trade data against EGUS agreements resulting in daily and month-end trade summaries and billing reports. At the end of the monthly billing cycle, FIA Tech facilitates pay/collects to participant accounts.

» What exchanges are included in eGAINS?

Participating exchanges, at the launch of eGAINS, include:

• Eurex
• Intercontinental Exchange (ICE) - Europe
• Liffe (NYSE Euronext)

• Amsterdam
• Brussels
• Lisbon
• London
• Paris

» What products are supported in eGAINS?

At launch, eGAINS will support cleared futures and options give-up transactions executed on Eurex, ICE, and Liffe. It also will support cleared OTC trades on facilities such as Bclear.

» What currencies does the eGAINS system support?

At launch, eGAINS settlements will be denominated in EUR, GBP, USD and other currencies requested by participating firms.

» How does eGAINS differ from other give-up processing systems?

eGAINS is independently operated and provides a standard platform for multiple exchanges.

» What is the status of eGAINS – when will it be launched?

The project is multi faceted and involves user set-up, systems integration between EGUS and eGAINS, assimilation of exchange trade files, testing and data validation, user training and development prior to launch.

As-of April 1, 2008, the eGAINS Processing Agreement, Consent Letter, user information request document, and necessary banking agreements are being finalized. EGUS to eGAINS data mapping, systems and hardware integrations, and initial review of exchange test trade data is expected to be completed by the end of April. Beginning in May, users will be granted eGAINS QA access and can begin system testing. This includes rate confirmation, give-up processing, adjustment processing and report verification. In June, users are switched to eGAINS production and are asked to validate data received from EGUS. User training will take place in London the week of June 9. Users will confirm rates and online views of give-out and take-up transactions. In July end-to-end testing using actual exchange trade data will begin. Users are asked to test give-up corrections, rejections, re-accepts, and validate end-of-months reports. August 1 the eGAINS system is live and the first billing cycle will begin September 1.

» In preparation for the eGAINS launch, what are the operational timelines and user deadlines?

Timelines and user deadlines, as of April 1, 2008, include:

April
15	Submit user profile and banking instruction to FIA
May
01	Grant eGAINS (QA environment) access to all participants
June
01	Grant eGAINS (production environment) access to all participants Validate data received from EGUS Begin manual input of counterparties, accounts and rate details into eGAINS (as needed)
09-13	User training sessions conducted in London
10-27	Users confirm eGAINS rates (rate validation performed by firms)
16	Users confirm online trade views and give-out/take-up trade functionality
16-30	Users input test trades (trade processing validation performed by firms)
July
01	Start of test cycle - parallel test with live trade data Month-end processing for test trades input between June 15 - June 30
09	Executing firms to correct and/or adjust eGAINS test trade data (executed between June 15-30)
21	Clearing firms to re-accept or reject test trades (executed between June 15-30)
23	Clearing firms are debited and executing firms accrue for credit (banking validation performed by firms)
August
01	eGAINS is live
11	Executing firms to correct and/or adjust eGAINS test trade data (July – test data)
21	Clearing firms to re-accept or reject test trades (July – test data)
25	Clearing firms are debited and executing firms accrue for credit (July – test data)
September
01	1st billing cycle (live trade data)
09	Executing firms to correct and/or adjust eGAINS production trade data (August)
19	Clearing firms to re-accept or reject production trade data (August)
22	FIA Tech authorizes banking debits
23	Clearing firms are debited and executing firms accrue for credit (credit shall be posted on the 60th business day following the clearing firm debit)

» Will there be eGAINS training for firms/users?

Yes. User training sessions shall be conducted in London June 9-13.