Deutscher Rahmenvertrag für Finanztermingeschäfte

DRV for Derivatives and Futures Anatomy™ This is an informal, non-binding and, by the looks, not massively idiomatic translation of the Deutscher Rahmenvertrag für Finanztermingeschäfte. So treat it, and the JC's summary of and uninformed musings about it, with even more caution than normal. →Go uptown DRV-F · (wikitext) · (nutshell wikitext) Navigation: Table of contents | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 (being the Elections) Tell me more Sign up for our newsletter — or just get in touch: for ½ a weekly 🍺 you get to consult JC. Ask about it here.

The deutscher rahmenvertrag (literally, “framework agreement”) is the German master agreement, also known as the “DRV” 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”.

Deutscher Rahmenvertrag für Finanztermingeschäfte

For the informal English translation
Preamble
1 Purpose and Scope of Agreement
2 Transactions
3 Payments and Performance of other Obligations
4 Banking Day
5 Reference Basis
6 Calculation Method for Interest-Rate Related Transactions
7 Termination
8 Claims for Damages and Compensation for Benefits Received
9 Final Payment
10 Transfer
11 Miscellaneous
12 Special Provisions