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The deutscher rahmenvertrag is the German master agreement, also known as the “DRV”[1] 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”.
- ↑ 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.