Trade give-up is the procedure whereby a Full Trading Participant (executing participant) and its respective Clearing Member give up the responsibility for risk management, position management and settlement derived from a trade to a carrying participant and its Clearing Member.  

This process is regulated by the B3 Clearinghouse Operating Procedure Manual and monitored by CVM. The occurrence of rule breaches should only be dealt with on an exceptional basis.  

In 2020 we began to send a monthly notice to participants informing the number of occurrences in off-hour give-ups so that they could assess their internal procedures to eliminate delays. We have also improved monitoring of such occurrences. 

In early 2021 we implemented the automatic acceptance of trades via Co-location whereby the final client is the carrying participant responsible for the trade settlement and risk management. It uses the executing participant's infrastructure to carry out its trading strategy. As well the automatic acceptance, rejection of give-ups in this modality is no longer allowed.  

In 2021 we also adjusted the deadlines to transfer equity give-ups, which are now the same as those already adopted for derivatives. The new deadline to transfer give-ups is 20 minutes from the trade capture date. Give-up acceptance will now be 40 minutes also counted from the trade capture date.