Results of the September 2026 survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD)
欧洲央行2026年9月欧元证券融资及场外衍生品市场信贷条款与条件调查结果
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- 新闻稿
7 October 2026
7 October 2026
- Credit terms and conditions eased slightly for all counterparty types for fourth consecutive quarter, mainly through price terms
- Demand for securities financing rose for equities and most other collateral types, while financing rates/spreads increased, particularly for most-favoured clients, and haircuts decreased
- Initial margins declined slightly for several non-centrally cleared OTC derivative types, while valuation disputes increased for foreign exchange and credit derivatives
- 各类交易对手的信贷条款与条件连续第四个季度小幅放宽，主要体现在价格条款上
- 以股票及大多数其他类型抵押品担保的证券融资需求上升，融资利率/利差提高，尤其是享受最优惠条件的客户，抵押品折扣率则下降
- 若干类非集中清算场外衍生品的初始保证金小幅下降，外汇和信用衍生品的估值争议则增加
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. A small number of respondents cited general market liquidity and functioning, competition from other institutions and counterparty financial strength as reasons for easier price terms. Respondents expected a further slight overall easing for all counterparty types over the following three months (Chart 1). Hedge funds’ use of leverage increased slightly. The volume and the duration and persistence of counterparty valuation disputes were unchanged.
2026年9月的 SESFOD 调查所覆盖的时期，存在与中东冲突和能源价格波动相关的不确定性。欧洲中央银行（ECB）在6月将关键利率上调25个基点，并在7月维持利率不变。在2026年6月至8月的调查回顾期内，各类交易对手的总体信贷条款与条件小幅放宽，延续了此前三轮调查中记录的放宽趋势。变化主要体现在价格条款上；非价格条款对银行和交易商小幅放宽，对对冲基金小幅收紧，对其他类型交易对手则保持不变。少数受访者将整体市场流动性与运行状况、其他机构的竞争以及交易对手的财务实力列为价格条款放宽的原因。受访者预计，未来三个月，各类交易对手的总体条款与条件将进一步小幅放宽（图1）。对冲基金的杠杆使用略有增加。交易对手估值争议的数量、持续时间和持续性均保持不变。
Chart 1
图1
Expected and realised quarterly changes in overall credit terms and price/non-price terms offered to counterparties across all transaction types
各类交易中向交易对手提供的总体信贷条款以及价格/非价格条款的预期与实际季度变化
(net percentages of survey respondents)
Source: ECB.
Note: Net percentages are calculated as the difference between the percentage of respondents reporting “tightened somewhat” or “tightened considerably” and the percentage reporting “eased somewhat” or “eased considerably”.
（受访者净百分比）
来源：ECB。
注：净百分比的计算方法为，报告“有所收紧”或“大幅收紧”的受访者占比减去报告“有所放宽”或“大幅放宽”的受访者占比。
Looking at securities financing transactions, demand for funding secured against most collateral types increased, led by equities (a net 27% of respondents) (Chart 2). Financing rates/spreads increased for most-favoured clients across all collateral types; for average clients, increases were limited to the categories domestic government bonds, other government bonds and convertible securities. At the same time, haircuts decreased for most bond collateral types and asset-backed securities, and the maximum amount and maturity of funding made available to counterparties increased for some collateral types. The use of central counterparties showed small and mixed changes. Liquidity and market functioning deteriorated slightly for equities and several corporate bond types, while the volume and the duration and persistence of collateral valuation disputes were unchanged.
从证券融资交易来看，以大多数类型抵押品担保的融资需求增加，其中股票居首（受访者净百分比为27%）（图2）。对于享受最优惠条件的客户，各类抵押品对应的融资利率/利差均有所上升；对于一般客户，上升仅限于本国政府债券、其他政府债券和可转换证券类别。与此同时，大多数债券类抵押品和资产支持证券的抵押品折扣率下降，部分类型抵押品对应的可向交易对手提供的最高融资额度和最长期限有所增加。中央对手方的使用情况变化较小，且方向不一。股票和若干类公司债券的流动性与市场运行状况略有恶化，而抵押品估值争议的数量、持续时间和持续性均保持不变。
Chart 2
图2
Changes in financing rates and demand for funding by collateral type (Q3 2026)
按抵押品类型划分的融资利率和融资需求变化（2026年第3季度）
(net percentages of survey respondents)
Source: ECB.
Note: Net percentages are calculated as the difference between the percentage of respondents reporting “decreased somewhat” or “decreased considerably” and the percentage reporting “increased somewhat” or “increased considerably”.
（受访者净百分比）
来源：ECB。
注：净百分比的计算方法为，报告“有所下降”或“大幅下降”的受访者占比减去报告“有所上升”或“大幅上升”的受访者占比。
Turning to non-centrally cleared over-the-counter (OTC) derivatives, initial margin requirements decreased slightly for foreign exchange, interest rate, equity and several credit derivative types. Maximum exposures and trade maturities were broadly unchanged. Liquidity and trading deteriorated for equity and commodity derivatives but improved slightly for credit derivatives referencing sovereigns. The volume and the duration and persistence of valuation disputes increased for several derivative types, particularly credit derivatives. Terms in new or renegotiated master agreements eased slightly in some areas, while the posting of non-standard collateral remained unchanged.
在非集中清算的场外（OTC）衍生品方面，外汇、利率、股票及若干类信用衍生品的初始保证金要求略有下降。最大风险敞口和交易期限总体保持不变。股票和大宗商品衍生品的流动性及交易状况恶化，但以主权实体为参照的信用衍生品略有改善。若干类衍生品的估值争议数量、持续时间及持续性均有所增加，信用衍生品尤为明显。新签或重新协商的主协议条款在部分方面略有放宽，而非标准抵押品的提交情况保持不变。
Data from previous survey rounds can be accessed and visualised on the ECB Data Portal.
历次调查的数据可在欧洲央行数据门户上获取并以可视化形式查看。
The results of the September 2026 SESFOD survey, the underlying detailed data series and the SESFOD guidelines are available on the ECB’s website, together with all other SESFOD publications
2026年9月 SESFOD 调查结果、作为其依据的详细数据序列和SESFOD 指南，以及所有其他SESFOD 出版物，均可在欧洲央行网站上查阅。
The SESFOD survey is conducted four times a year and covers changes in credit terms and conditions over three-month reference periods ending in February, May, August and November. The September 2026 survey collected qualitative information on changes between June and August 2026. The results are based on responses from 26 large banks, comprising 14 euro area banks and 12 banks with head offices outside the euro area.
SESFOD 调查每年开展四次，涵盖分别截至2月、5月、8月和11月的三个月参考期内信贷条款和条件的变化。2026年9月的调查收集了2026年6月至8月期间变化的定性信息。调查结果基于26家大型银行的答复，其中包括14家欧元区银行和12 家总部位于欧元区以外的银行。
For media queries, please contact Mila Quacquarelli, tel.: +49 1706324603.
媒体咨询请联系 Mila Quacquarelli，电话：+49 1706324603。
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European Central Bank
欧洲中央银行
7 October 2026
2026年10月7日
7 October 2026
2026年10月7日
背景与资料来源
The ECB survey reports slightly easier credit terms for a fourth consecutive quarter.
欧洲央行调查显示，信贷条件连续第四季度略有放宽。
Terms
Responses from 26 large banks cover June–August 2026. Easing mainly reflected pricing. Non-price terms eased for banks and dealers but tightened for hedge funds. Respondents expected further slight easing over the next three months.
条件
调查涵盖2026年6至8月，受访者为26家大型银行。放宽主要体现在价格条件。非价格条件对银行和交易商放宽，对对冲基金收紧。受访者预计未来三个月进一步略有放宽。
Financing
Secured funding demand rose, led by equities: a net 27% of respondents reported increases. Financing rates or spreads rose for most-favoured clients across all collateral types, while haircuts fell for most bond collateral and asset-backed securities.
融资
担保融资需求增加，股票领涨：报告需求增加的受访者净占比为27%。最受优待客户各类抵押品的融资利率或利差上升，多数债券抵押品和资产支持证券的折扣率下降。
Derivatives
For non-centrally cleared OTC derivatives, initial margins fell slightly across several types. Equity and commodity derivatives saw weaker liquidity and trading. Valuation disputes increased, particularly in credit derivatives.
衍生品
非集中清算场外衍生品中，多类产品初始保证金略降。股票和商品衍生品流动性及交易恶化；估值争议增加，信用衍生品尤甚。
尚待确认的信息
- 正文未量化整体放宽幅度，也未提供估值争议增加的具体数量。
英文摘句与资料来源
英文摘句附中文翻译；上方导读为归纳与解读，全文见来源链接。
- 报道来源 · 已读取公开正文 · 2026-10-07[1] Results of the September 2026 survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD) ↗
Maximum exposures and trade maturities were broadly unchanged.
最高敞口与交易期限基本不变。
由 AI 根据列出的资料整理 · 更新于 2026-10-08
来源：European Central Bank · Press Releases · ecb.europa.eu