Page 37 - 期货和衍生品行业监管动态（2026年1月）
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期货和衍生品行业监管动态




                   maturity of funding increased for all funding secured against debt instruments (not

                   including convertible securities).


                   Chart 1


                   Expected and realised quarterly changes in overall credit terms and price/non-price

                   terms offered to counterparties across all transaction types


                   (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”.


                        Against a background of broadly unchanged credit terms and conditions for

                   various types of non-centrally cleared over-the-counter (OTC) derivatives, including

                   initial margin requirements, survey respondents pointed out a few changes regarding

                   valuation disputes. The volume and duration of such disputes appeared to have

                   increased slightly, in particular for commodity derivatives.


                        Lastly, each year the final SESFOD edition of the year asks survey participants

                   about their market-making activities and abilities. For 2025, respondents reported

                   only minor changes in activity levels, with slight increases for derivatives and debt




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