Page 38 - 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

securities. Expected changes for 2026 were more pronounced, as respondents

indicated that they foresaw increased activity across all instrument types. Furthermore,

a slight majority of respondents indicated having a good or moderate ability to act as a

market-maker in times of stress, registering an improvement compared to 2024 for

derivatives, but a worsening for debt, asset-backed, and convertible securities.

Please note that the data from all previous rounds of the survey have been made

available on the ECB Data Portal. The data can now be accessed, retrieved and

visualised more easily.

The results of the December 2025 SESFOD, the underlying detailed data series

and the SESFOD guidelines are available on the ECB’s website, together with all

other SESFOD publications.

The SESFOD 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 December 2025 survey collected qualitative information on

changes between September 2025 and November 2025. The results are based on the

responses received from a panel of 26 large banks, comprising 14 euro area banks and

12 banks with head offices outside the euro area.

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