ECB September Survey Shows Modest Easing in Euro Securities Financing and Derivatives Markets

The September 2026 SESFOD survey indicated a modest easing of credit terms across all counterparty types in the euro‑denominated securities financing and OTC derivatives markets, driven mainly by lower price terms. Non‑price terms improved slightly for banks and dealers, worsened for hedge funds, and remained unchanged for others. Respondents expect a further slight easing over the next three months, with hedge funds’ leverage use rising marginally and no change in valuation dispute volume or duration.

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