A give up is an OTC trade - usually a forward - given up to an Exchange for clearing 

Detail

A give up may start life as an OTC bilateral trade which, by mutual agreement, is given up to an Exchange to take advantage of clearing

The give up may also be:

a brokered OTC Forward that is mutually given up for clearing

traded as an Exchange Derivative on a Broker platform, and automatically be given up for clearing

Giving up an OTC trade for clearing combines the flexibility of trading bilaterally or through a broker, with the risk-free credit benefits of cleared trades