ECB Releases September 2026 SESFOD Survey Results on Credit and Derivatives

Key Facts

The European Central Bank released the September 2026 survey results on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets. According to the ECB statement, overall credit terms and conditions eased slightly for all counterparty types, extending the easing recorded in the previous three survey rounds. The results were based on responses from 26 large banks, comprising 14 euro area banks and 12 banks with head offices outside the euro area.

The report noted that demand for funding secured against most collateral types increased, led by equities at a net 27% of respondents. In the non-centrally cleared over-the-counter (OTC) derivatives market, initial margin requirements decreased slightly for foreign exchange, interest rate, and equity types. This data arrives following a period of inflationary pressure in the region, with annual inflation rates reaching 3.3% in Germany and 4.2% in Italy as of September 30, 2026.