US DATA: Fed’s July Sr Credit Officer Survey on dealer financing (taken
May 22-Jun 4) says there was little change in credit terms vs March, and
terms have been generally stable since Jan. But 50% firms increased
resources and attention on management of concentrated exposures, and 2/3
increased resources devoted to central counterparties & fin’l utilities.
About 1/4 said use of financial leverage by hedge funds decreased and
“notable net fractions” of dealers reported that differential terms to
most-favored hedge funds and trading REITs increased. Nonprice terms
incorporated in new or renegotiated OTC derivatives master agreements
were broadly unchanged. Initial margin requirements outside master
agreements were little changed. 1/5 said posting of nonstandard
collateral (ie noncash and not-Tsys) increased. More on MNI Main wire.