New ECB Survey on Credit Terms and Conditions in Euro-denominated Securities Financing and Over-the-Counter Derivatives Markets (SESFOD)

Tomas Garbaravicius

Financial Stability Review, 2013, vol. 1

Abstract: In the run-up to the global financial crisis that began in mid-2007, leverage and risk-taking in the financial system increased substantially, in particular in the shadow banking system. This increase was facilitated by an erosion of credit terms in securities financing and over-the-counter (OTC) derivatives markets, which served as important conduits for leverage in the financial system. Recognising the lack of information on such developments, a number of major central banks, including the ECB, have started to conduct regular qualitative surveys on changes in credit terms and conditions in these wholesale credit markets. This special feature presents the key features and some of the first results of the recently launched quarterly ECB survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD). It also discusses how the survey could be used for macro-prudential monitoring purposes. JEL Classification: G00

Keywords: ECB; financial stability; SESFOD (search for similar items in EconPapers)
Date: 2013-05
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:fsrart:2013:0001:3

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