Deutscher rahmenvertrag

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

• Deutscher Rahmenvertrag für Finanztermingeschäfte (Derivatives and Futures)
• Deutscher Rahmenvertrag für Wertpapierpensionsgeschäfte (Repo)
• Deutscher Rahmenvertrag für Wertpapierdarlehen (Stock lending)

The DRV has a collateral annex the Besicherungsanhang für Variation Margin which, charmingly, translates as “safety attachment”.