The March 2026 ECB survey shows slight easing in credit terms for securities financing and OTC derivatives, driven by improved liquidity and competition, with stable non-price terms compared to the previous year.
The European Central Bank (ECB) has published the results of the March 2026 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets.
The survey indicates that credit terms and conditions have eased slightly for most counterparty types, primarily due to improved market liquidity, increased competition among institutions, and strong counterparty financial positions.
In securities financing markets, demand for funding increased across all collateral types, with higher funding availability and slightly increased maximum maturity. Haircuts decreased marginally in some collateral types, while financing rates/spreads increased for most collateral except non-domestic high-quality government bonds. Market liquidity conditions remained largely unchanged, with signs of improvement for domestic and high-quality government bonds.
For OTC derivatives, there was a minor decline in initial margin requirements, with stable maximum exposure and maturity. Valuation disputes decreased slightly, and terms for new or renegotiated master agreements eased marginally.
Compared to March 2025, overall terms and conditions remained largely unchanged in non-price terms but showed some tightening in price terms. The survey was conducted with responses from 26 large banks, including 14 euro area banks and 12 outside the euro area.
Data from all previous survey rounds are available on the ECB Data Portal. The detailed data series and guidelines are accessible on the ECB’s website along with other SESFOD publications.
The SESFOD survey is conducted quarterly, covering changes over three-month periods ending in February, May, August, and November. The March 2026 survey collected qualitative data on changes between December 2025 and February 2026.
