欧洲央行-欧元计价证券融资和场外衍生品市场信贷条款和条件调查（SESFOD）（英）

1 Survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD) September 2025 The Eurosystem conducts a three-monthly qualitative survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets. This survey is a follow-up to a recommendation by a Committee on the Global Financial System (CGFS) study group.1 The survey is part of an international initiative to collect information on trends in the credit terms offered by firms operating in the wholesale markets and insights into the main drivers of these trends. The information collected is valuable for financial stability, market functioning and monetary policy purposes. The survey questions are grouped into three sections: 1. counterparty types – credit terms and conditions for various counterparty types in both securities financing and OTC derivatives markets; 2. securities financing – financing conditions for various collateral types; 3. non-centrally cleared OTC derivatives – credit terms and conditions for various derivative types. The survey focuses on euro-denominated instruments in securities financing and OTC derivatives markets. For securities financing, the survey refers to the euro-denominated securities against which financing is provided, rather than the currency of the loan. For OTC derivatives, at least one of the legs of the contract should be denominated in euro. Survey participants are large banks and dealers active in the targeted euro-denominated markets. Reporting institutions should report on their global credit terms, so the survey is aimed at senior credit officers responsible for maintaining an overview of the management of credit risks. Where material differences exist across different business areas – for example between traditional prime brokerage and OTC derivatives – responses should refer to the business area generating the most exposure. 1 Committee on the Global Financial System, “The role of margin requirements and haircuts in procyclicality”, CGFS Papers, No 36, Bank for International Settlements, March 2010. 2 Credit terms are reported from the perspective of the firm as a supplier of credit to customers, rather than as a receiver of credit from other firms. The questions focus on how terms have tightened or eased over the past three months (regardless of longer-term trends), why terms have changed and expectations for the future. Firms are encouraged to answer all questions, unless specific market segments are of minimal importance to the firm’s business. The font colour for the net percentages of respondents reported in the tables in this document is either blue or red, reflecting, respectively, a tightening/deterioration or an easing/improvement of credit terms and conditions in the targeted markets. 3 September 2025 SESFOD results (Review period from June 2025 to August 2025) The September 2025 survey on credit terms and condition