Template:Drv capsule

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”.