Survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD)

SESFOD is a qualitative survey that was launched in 2013 and is conducted four times a year. It is part of an international initiative to collect information on trends in the credit terms offered by firms in the wholesale markets, and insights into the main drivers of these trends. The information collected is valuable for financial stability, market functioning and monetary policy objectives.

Description of the survey

Large banks and dealers that are active in targeted euro-denominated markets take part in the survey. They report changes in credit terms from the perspective of the firm which gives loans to customers (rather than the firm which receives loans from other firms).

The survey questions are grouped into three sections:

  1. Counterparty types – credit terms and conditions for various counterparty types in both securities financing and over-the-counter (OTC) derivatives markets
  2. Securities financing – financing conditions for various collateral types
  3. Non-centrally cleared OTC derivatives – credit terms and conditions for various derivatives types

The survey focuses on euro-denominated instruments in securities financing and OTC derivatives markets. Securities financing refers to the euro-denominated securities against which financing is provided, rather than the currency of the loan. For OTC derivatives, at least one of the legs of the contract should be denominated in euro.

More information on the structure and methodology of SESFOD can be found in the survey guidelines.