When a broker executes an order for another broker's client and the two brokers split the commission; the client pays nothing extra.
an order that, post execution, is to be given to a clearing member other than the one responsible for executing the trade
(1) A trade that is directed to a floor broker by an exchange member FCM (executing firm) and, after the trade is executed, it is given to another firm to clear (clearing firm); (2) a trade in which a customer contacts a floor broker directly, and after execution of the customer's order the floor broker gives up the name of the clearing member who will clear the trade.
A customer "give-up" is a trade executed by one broker for the client of another broker and then "given-up" to the regular broker; e.g., a floor broker with discretion must have another broker execute the trade.
A term with many different meanings. For one, a member of the Exchange on the floor may act for a second member by executing an order for him or her with a third member. The first member tells the third member that he or she is acting on behalf of the second member and "gives up" the second member's name rather than his or her own.
A transaction in which one clearing firm places and order for execution on behalf of a different clearing firm which ultimately will carry the trade.