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ARTICLE · 27 NOVEMBER 2020

Documenting Benchmark Transition Under The German Master Agreement For Financial Derivatives Transactions

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The German Master Agreement for Financial Derivatives Transactions (Rahmenvertrag für Finanztermingeschäfte – the "DRV") is published by the German Banking Association (Bankenverband)...

GermanyFinance and Banking
Patrick Scholl
Patrick Scholl
Ann-Kathrin Balster
Ann-Kathrin Balster
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The German Master Agreement for Financial Derivatives Transactions (Rahmenvertrag für Finanztermingeschäfte – the “DRV”) is published by the German Banking Association (Bankenverband) and can be considered the German law equivalent of the ISDA Master Agreement. Like the ISDA Master Agreement, standardised Annexes are used to document specific provisions, for example special early termination provisions, as well as to document the posting of collateral, which is done via the Collateral Addendum (Besicherungsanhang – the “BSA”), including the Variation Margin and Initial Margin BSA.

The BSA requires the parties to agree on a reference rate for the calculation of interest on posted collateral. Currently, the most common reference rate by far is the Euro Overnight Index Average, or EONIA. Furthermore, EONIA is used for settlement under the German Master Agreement for Securities Lending and the German Master Agreement for Repo Transactions, which also are published

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