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The ''[[deutscher rahmenvertrag]]'' (literally, “framework agreement”) is the [[Germany|German]] | The ''[[deutscher rahmenvertrag]]'' (literally, “framework agreement”) is the [[Germany|German]] [[master agreement]], also known as the “[[DRV]]”<ref>Though careful: it is not to be confused with the ''Deutscher Radfahrer-Verband'', the cycling unit in the sports office of a certain, ahhh, earlier political regime in [[Germany]].</ref> or just the plain old “[[rahmenvertrag]]”. It is published by [[Bundesverband deutscher Banken]] and comes in at least three varieties, all governed by [[German law]]. I know very little about them, other than their names, and that they are used for swaps, [[repo]] and [[stock lending]]: | ||
*''' | *'''[[Derivatives]] and [[Futures]]''': [[Deutscher Rahmenvertrag für Finanztermingeschäfte]] — we will call this the [[DRV-F]] or the [[swap DRV]]. | ||
*''' | *'''[[Repo]]''': [[Deutscher Rahmenvertrag für Wertpapierpensionsgeschäfte]] — we will call this the [[DRV-WP]], or the [[repo DRV]]. | ||
*[[Deutscher Rahmenvertrag für Wertpapierdarlehen]] ( | *'''[[Stock loans]]''': [[Deutscher Rahmenvertrag für Wertpapierdarlehen]] ([[Stock lending]])— we will call this the [[DRV-WD]] or the [[stock loan DRV]]. | ||
The [[DRV]] has a [[Credit support annex|collateral annex]] the [[Besicherungsanhang für Variation Margin]] which, charmingly, translates as “safety attachment”. | The [[DRV]] has a [[Credit support annex|collateral annex]] the [[Besicherungsanhang für Variation Margin]] which, charmingly, translates as “safety attachment”. <br> | ||
Latest revision as of 13:30, 14 August 2024
The deutscher rahmenvertrag (literally, “framework agreement”) is the German master agreement, also known as the “DRV”[1] or just the plain old “rahmenvertrag”. It is published by Bundesverband deutscher Banken and comes in at least three varieties, all governed by German law. I know very little about them, other than their names, and that they are used for swaps, repo and stock lending:
- Derivatives and Futures: Deutscher Rahmenvertrag für Finanztermingeschäfte — we will call this the DRV-F or the swap DRV.
- Repo: Deutscher Rahmenvertrag für Wertpapierpensionsgeschäfte — we will call this the DRV-WP, or the repo DRV.
- Stock loans: Deutscher Rahmenvertrag für Wertpapierdarlehen (Stock lending)— we will call this the DRV-WD or the stock loan DRV.
The DRV has a collateral annex the Besicherungsanhang für Variation Margin which, charmingly, translates as “safety attachment”.