The European Central Bank's (ECB) September 2026 SESFOD survey found that overall credit terms and conditions for euro-denominated securities financing and OTC derivatives markets eased slightly for all counterparty types from June to August 2026, extending a trend from previous rounds. This easing was primarily in price terms, while non-price terms varied, easing slightly for banks and dealers but tightening for hedge funds. Respondents anticipate a further slight overall easing over the next three months. The survey also noted a slight increase in hedge funds' use of leverage and increased demand for funding secured against most collateral types, led by equities. Initial margin requirements for several OTC derivative types decreased slightly.