20 May 2026

• Credit terms and conditions eased slightly for most counterparty types, driven by improved market liquidity, competition among institutions and strong counterparty financial positions
• Securities financing markets saw higher demand for funding and funding availability, with largely unchanged haircuts and higher financing rates/spreads
• Compared with a year earlier, credit terms for securities financing and OTC derivatives were broadly stable in non-price terms, with minimal changes in stringency of terms and haircuts for secured funding

Overall credit terms and conditions eased slightly between December 2025 and February 2026 across most counterparty types, despite the expected tightening of conditions recorded in the previous survey. The easing reported in net terms stemmed primarily from terms and conditions for banks and dealers. Price terms eased across all counterparties except hedge funds. Non-price terms eased slightly for banks and dealers but were unchanged for all…