Results of the September 2026 survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD)

The September 2026 SESFOD survey covered a period of uncertainty linked to the conflict in the Middle East and volatile energy prices. The European Central Bank (ECB) raised its key interest rates by 25 basis points in June and held them unchanged in July. In the survey review period from June to August 2026, overall credit terms and conditions eased slightly for all counterparty types, extending the easing recorded in the previous three survey rounds. The change was mainly in price terms; non-price terms eased slightly for banks and dealers, tightened slightly for hedge funds and were unchanged for the other counterparty types.