Page 36 - 期货和衍生品行业监管动态（2026年1月）

期货和衍生品行业监管动态

SESFOD 每年进行四轮，覆盖截至二月、五月、八月及十一月的三个月参考

期内授信条件的变动。2025 年 12 月调查收集 2025 年 9 月至 11 月期间变动的定

性信息，调查结果基于 26 家大型银行（包括 14 家欧元区银行及 12 家总部设在

非欧元区的银行）的回复。

Results of the December 2025 Survey on Credit Terms and Conditions in

Euro-denominated Securities Financing and OTC Derivatives Markets

(SESFOD) (2026/1/28)

 Credit terms and conditions were expected to tighten in the first quarter of

2026, for all counterparty types but especially for hedge funds.

 In tandem with a broad-based rise in demand for funding, financing rates

increased noticeably across nearly all types of collateral.

 Compared with last year, respondents’ ability to act as a market-maker in

times of stress increased for derivatives, but decreased for debt, asset-backed,

and convertible securities.

 Price and non-price credit terms and conditions remained largely unchanged
between September 2025 and December 2025, with a slight easing of price

terms across most counterparties. This easing appeared to be primarily
driven by general market liquidity conditions, competition from other

institutions, and the financial strength of counterparties. Looking ahead to

the first quarter of 2026, some tightening of credit terms was expected

across the board, but in particular for hedge funds. Tightening expectations

were more pronounced for price terms than non-price terms (Chart 1).

Turning to financing conditions for secured funding, demand for funding

increased across all collateral types, especially for domestic and high-quality

government bonds. In parallel, financing rates/spreads increased for all types of

collateral except asset-backed securities. In addition, the maximum amount and

20