Senior Credit Officer Opinion Survey on Dealer Financing Terms

SENIOR CREDIT OFFICER OPINION SURVEY
On Dealer Financing Terms

Counterparty Types
Questions 1 through 40 ask about credit terms applicable to, and mark and collateral
disputes with, different counterparty types, considering the entire range of securities
financing and over-the-counter (OTC) derivatives transactions. Question 1 focuses on
dealers and other financial intermediaries as counterparties; questions 2 and 3 on central
counterparties and other financial utilities; questions 4 through 10 focus on hedge funds;
questions 11 through 16 on trading real estate investment trusts (REITs);
questions 17 through 22 on mutual funds, exchange-traded funds (ETFs), pension plans,
and endowments; questions 23 through 28 on insurance companies;
questions 29 through 34 on separately managed accounts established with investment
advisers; and questions 35 through 38 on nonfinancial corporations. Questions 39 and 40
ask about mark and collateral disputes for each of the aforementioned counterparty types.
In some questions, the survey differentiates between the compensation demanded for
bearing credit risk (price terms) and the contractual provisions used to mitigate exposures
(nonprice terms). If your institution’s terms have tightened or eased over the past three
months, please so report them regardless of how they stand relative to longer-term norms.
Please focus your response on dollar-denominated instruments; if material differences
exist with respect to instruments denominated in other currencies, please explain in the
appropriate comment space. Where material differences exist across different business
areas, for example between traditional prime brokerage and OTC derivatives, please
answer with regard to the business area generating the most exposure and explain in the
appropriate comment space.
Dealers and Other Financial Intermediaries
1. Over the past three months, how has the amount of resources and attention your
firm devotes to management of concentrated credit exposure to dealers and other
financial intermediaries (such as large banking institutions) changed?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably

-2Central Counterparties and Other Financial Utilities
2. Over the past three months, how has the amount of resources and attention your
firm devotes to management of concentrated credit exposure to central
counterparties and other financial utilities changed?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
3. To what extent have changes in the practices of central counterparties, including
margin requirements and haircuts, influenced the credit terms your institution
applies to clients on bilateral transactions which are not cleared?
1) To a considerable extent
2) To some extent
3) To a minimal extent
4) Not at all
Hedge Funds
4. Over the past three months, how have the price terms (for example, financing
rates) offered to hedge funds as reflected across the entire spectrum of securities
financing and OTC derivatives transaction types changed, regardless of nonprice
terms? (Please indicate tightening if terms have become more stringent—for
example, if financing rates have risen.)
1) Tightened considerably
2) Tightened somewhat
3) Remained basically unchanged
4) Eased somewhat
5) Eased considerably

-35. Over the past three months, how has your use of nonprice terms (for example,
haircuts, maximum maturity, covenants, cure periods, cross-default provisions or
other documentation features) with respect to hedge funds across the entire
spectrum of securities financing and OTC derivatives transaction types changed,
regardless of price terms? (Please indicate tightening if terms have become more
stringent—for example, if haircuts have been increased.)
1) Tightened considerably
2) Tightened somewhat
3) Remained basically unchanged
4) Eased somewhat
5) Eased considerably
6. To the extent that the price or nonprice terms applied to hedge funds have
tightened or eased over the past three months (as reflected in your responses to
questions 4 and 5), what are the most important reasons for the change? (Please
respond to A (if you indicated a tightening in responding to either of the two
preceding questions), B (if you indicated an easing in responding to either of the
two preceding questions), or both, as appropriate. Please select no more than
three reasons, indicating the most important with a “1,” the next most important
with a “2,” and so on.)
A. Possible reasons for tightening
1) Deterioration in current or expected financial strength of counterparties
2) Reduced willingness of your institution to take on risk
3) Adoption of more-stringent market conventions (that is, collateral terms
and agreements, ISDA protocols)
4) Higher internal treasury charges for funding
5) Diminished availability of balance sheet or capital at your institution
6) Worsening in general market liquidity and functioning
7) Less-aggressive competition from other institutions
8) Other (please specify)
B. Possible reasons for easing
1) Improvement in current or expected financial strength of counterparties
2) Increased willingness of your institution to take on risk
3) Adoption of less-stringent market conventions (that is, collateral terms and
agreements, ISDA protocols)
4) Lower internal treasury charges for funding
5) Increased availability of balance sheet or capital at your institution
6) Improvement in general market liquidity and functioning
7) More-aggressive competition from other institutions
8) Other (please specify)

-47. How has the intensity of efforts by hedge funds to negotiate more-favorable price
and nonprice terms changed over the past three months?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
8. Considering the entire range of transactions facilitated by your institution for such
clients, how has the use of financial leverage by hedge funds changed over the
past three months?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
9. Considering the entire range of transactions facilitated by your institution for such
clients, how has the availability of additional (and currently unutilized) financial
leverage under agreements currently in place with hedge funds (for example,
under prime broker, warehouse agreements, and other committed but undrawn or
partly drawn facilities) changed over the past three months?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
10. How has the provision of differential terms by your institution to most-favored (as
a function of breadth, duration, and extent of relationship) hedge funds changed
over the past three months?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable as the client base is essentially homogeneous

-5Trading Real Estate Investment Trusts1
11. Over the past three months, how have the price terms (for example, financing
rates) offered to trading REITs as reflected across the entire spectrum of securities
financing and OTC derivatives transaction types changed, regardless of nonprice
terms? (Please indicate tightening if terms have become more stringent—for
example, if financing rates have risen.)
1) Tightened considerably
2) Tightened somewhat
3) Remained basically unchanged
4) Eased somewhat
5) Eased considerably
6) Not applicable (that is, your institution has few or no trading REIT clients)
12. Over the past three months, how has your use of nonprice terms (for example,
haircuts, maximum maturity, covenants, cure periods, cross-default provisions or
other documentation features) with respect to trading REITs across the entire
spectrum of securities financing and OTC derivatives transaction types changed,
regardless of price terms? (Please indicate tightening if terms have become more
stringent—for example, if haircuts have been increased.)
1) Tightened considerably
2) Tightened somewhat
3) Remained basically unchanged
4) Eased somewhat
5) Eased considerably
6) Not applicable (that is, your institution has few or no trading REIT clients)

1

Trading REITs invest in assets backed by real estate, rather than directly in real estate.

-613. To the extent that the price or nonprice terms applied to trading REITs have
tightened or eased over the past three months (as reflected in your responses to
questions 11 and 12), what are the most important reasons for the change?
(Please respond to A (if you indicated a tightening in responding to either of the
two preceding questions), B (if you indicated a loosening in responding to either
of the two preceding questions), or both, as appropriate. Please select no more
than three reasons, indicating the most important with a “1,” the next most
important with a “2,” and so on.)
A. Possible reasons for tightening
1) Deterioration in current or expected financial strength of counterparties
2) Reduced willingness of your institution to take on risk
3) Adoption of more-stringent market conventions (that is, collateral terms
and agreements, ISDA protocols)
4) Higher internal treasury charges for funding
5) Diminished availability of balance sheet or capital at your institution
6) Worsening in general market liquidity and functioning
7) Less-aggressive competition from other institutions
8) Other (please specify)

B. Possible reasons for easing
1) Improvement in current or expected financial strength of counterparties
2) Increased willingness of your institution to take on risk
3) Adoption of less-stringent market conventions (that is, collateral terms and
agreements, ISDA protocols)
4) Lower internal treasury charges for funding
5) Increased availability of balance sheet or capital at your institution
6) Improvement in general market liquidity and functioning
7) More-aggressive competition from other institutions
8) Other (please specify)
14. How has the intensity of efforts by trading REITs to negotiate more-favorable
price and nonprice terms changed over the past three months?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable (that is, your institution has few or no trading REIT clients)

-715. Considering the entire range of transactions facilitated by your institution for such
clients, how has the use of financial leverage by trading REITs changed over the
past three months?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable (that is, your institution has few or no trading REIT clients)
16. How has the provision of differential terms by your institution to most-favored (as
a function of breadth, duration, and extent of relationship) trading REITs changed
over the past three months?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable (that is, the client base is essentially homogeneous or your
institution has few or no trading REIT clients)
Mutual Funds, Exchange-Traded Funds, Pension Plans, and Endowments
17. Over the past three months, how have the price terms (for example, financing
rates) offered to mutual funds, ETFs, pension plans, and endowments as reflected
across the entire spectrum of securities financing and OTC derivatives transaction
types changed, regardless of nonprice terms? (Please indicate tightening if terms
have become more stringent—for example, if financing rates have risen.)
1) Tightened considerably
2) Tightened somewhat
3) Remained basically unchanged
4) Eased somewhat
5) Eased considerably

-818. Over the past three months, how has your use of nonprice terms (for example,
haircuts, maximum maturity, covenants, cure periods, cross-default provisions or
other documentation features) with respect to mutual funds, ETFs, pension plans,
and endowments across the entire spectrum of securities financing and OTC
derivatives transaction types changed, regardless of price terms? (Please indicate
tightening if terms have become more stringent—for example, if haircuts have
been increased.)
1) Tightened considerably
2) Tightened somewhat
3) Remained basically unchanged
4) Eased somewhat
5) Eased considerably
19. To the extent that the price or nonprice terms applied to mutual funds, ETFs,
pension plans, and endowments have tightened or eased over the past three
months (as reflected in your responses to questions 16 and 17), what are the most
important reasons for the change? (Please respond to A (if you indicated a
tightening in responding to either of the two preceding questions), B (if you
indicated an easing in responding to either of the two preceding questions), or
both, as appropriate. Please select no more than three reasons, indicating the most
important with a “1,” the next most important with a “2,” and so on.)
A. Possible reasons for tightening
1) Deterioration in current or expected financial strength of counterparties
2) Reduced willingness of your institution to take on risk
3) Adoption of more-stringent market conventions (that is, collateral terms
and agreements, ISDA protocols)
4) Higher internal treasury charges for funding
5) Diminished availability of balance sheet or capital at your institution
6) Worsening in general market liquidity and functioning
7) Less-aggressive competition from other institutions
8) Other (please specify)
B. Possible reasons for easing
1) Improvement in current or expected financial strength of counterparties
2) Increased willingness of your institution to take on risk
3) Adoption of less-stringent market conventions (that is, collateral terms and
agreements, ISDA protocols)
4) Lower internal treasury charges for funding
5) Increased availability of balance sheet or capital at your institution
6) Improvement in general market liquidity and functioning
7) More-aggressive competition from other institutions
8) Other (please specify)

-920. How has the intensity of efforts by mutual funds, ETFs, pension plans, and
endowments to negotiate more-favorable price and nonprice terms changed over
the past three months?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
21. Considering the entire range of transactions facilitated by your institution, how
has the use of financial leverage by each of the following types of clients changed
over the past three months? (Please respond using the following scale:
1 = increased considerably, 2 = increased somewhat, 3 = remained basically
unchanged, 4 = decreased somewhat, 5 = decreased considerably, or n/a = not
applicable.)
A. Mutual funds
B. ETFs
C. Pension plans
D. Endowments
22. How has the provision of differential terms by your institution to most-favored (as
a function of breadth, duration, and extent of relationship) mutual funds, ETFs,
pension plans, and endowments changed over the past three months?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable as the client base is essentially homogeneous
Insurance Companies
23. Over the past three months, how have the price terms (for example, financing
rates) offered to insurance companies as reflected across the entire spectrum of
securities financing and OTC derivatives transaction types changed, regardless of
nonprice terms? (Please indicate tightening if terms have become more
stringent—for example, if financing rates have risen.)
1) Tightened considerably
2) Tightened somewhat
3) Remained basically unchanged
4) Eased somewhat
5) Eased considerably
6) Not applicable (that is, your institution has few or no insurance company
clients)

- 10 24. Over the past three months, how has your use of nonprice terms (for example,
haircuts, maximum maturity, covenants, cure periods, cross-default provisions or
other documentation features) with respect to insurance companies across the
entire spectrum of securities financing and OTC derivatives transaction types
changed, regardless of price terms? (Please indicate tightening if terms have
become more stringent—for example, if haircuts have been increased.)
1) Tightened considerably
2) Tightened somewhat
3) Remained basically unchanged
4) Eased somewhat
5) Eased considerably
6) Not applicable (that is, your institution has few or no insurance company
clients)
25. To the extent that the price or nonprice terms applied to insurance companies
have tightened or eased over the past three months (as reflected in your responses
to questions 22 and 23), what are the most important reasons for the change?
(Please respond to A (if you indicated a tightening in responding to either of the
two preceding questions), B (if you indicated an easing in responding to either of
the two preceding questions), or both, as appropriate. Please select no more than
three reasons, indicating the most important with a “1,” the next most important
with a “2,” and so on.)
A. Possible reasons for tightening
1) Deterioration in current or expected financial strength of counterparties
2) Reduced willingness of your institution to take on risk
3) Adoption of more-stringent market conventions (that is, collateral terms
and agreements, ISDA protocols)
4) Higher internal treasury charges for funding
5) Diminished availability of balance sheet or capital at your institution
6) Worsening in general market liquidity and functioning
7) Less-aggressive competition from other institutions
8) Other (please specify)

- 11 B. Possible reasons for easing
1) Improvement in current or expected financial strength of counterparties
2) Increased willingness of your institution to take on risk
3) Adoption of less-stringent market conventions (that is, collateral terms and
agreements, ISDA protocols)
4) Lower internal treasury charges for funding
5) Increased availability of balance sheet or capital at your institution
6) Improvement in general market liquidity and functioning
7) More-aggressive competition from other institutions
8) Other (please specify)
26. How has the intensity of efforts by insurance companies to negotiate morefavorable price and nonprice terms changed over the past three months?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable (that is, your institution has few or no insurance company
clients)
27. Considering the entire range of transactions facilitated by your institution for such
clients, how has the use of financial leverage by insurance companies changed
over the past three months?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable (that is, your institution has few or no insurance company
clients)
28. How has the provision of differential terms by your institution to most-favored (as
a function of breadth, duration, and extent of relationship) insurance companies
changed over the past three months?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable (that is, the client base is essentially homogeneous or your
institution has few or no insurance company clients)

- 12 Separately Managed Accounts Established with Investment Advisers
29. Over the past three months, how have the price terms (for example, financing
rates) offered to separately managed accounts established with investment
advisers as reflected across the entire spectrum of securities financing and OTC
derivatives transaction types changed, regardless of nonprice terms? (Please
indicate tightening if terms have become more stringent—for example, if
financing rates have risen.)
1) Tightened considerably
2) Tightened somewhat
3) Remained basically unchanged
4) Eased somewhat
5) Eased considerably
6) Not applicable (that is, your institution has few or no such clients)
30. Over the past three months, how has your use of nonprice terms (for example,
haircuts, maximum maturity, covenants, cure periods, cross-default provisions or
other documentation features) with respect to separately managed accounts
established with investment advisers across the entire spectrum of securities
financing and OTC derivatives transaction types changed, regardless of price
terms? (Please indicate tightening if terms have become more stringent—for
example, if haircuts have been increased.)
1) Tightened considerably
2) Tightened somewhat
3) Remained basically unchanged
4) Eased somewhat
5) Eased considerably
6) Not applicable (that is, your institution has few or no such clients)

- 13 31. To the extent that the price or nonprice terms applied to separately managed
accounts established with investment advisers have tightened or eased over the
past three months (as reflected in your responses to questions 28 and 29), what are
the most important reasons for the change? (Please respond to A (if you indicated
a tightening in responding to either of the two preceding questions), B (if you
indicated an easing in responding to either of the two preceding questions), or
both, as appropriate. Please select no more than three reasons, indicating the most
important with a “1,” the next most important with a “2,” and so on.)
A. Possible reasons for tightening
1) Deterioration in current or expected financial strength of counterparties
2) Reduced willingness of your institution to take on risk
3) Adoption of more-stringent market conventions (that is, collateral terms
and agreements, ISDA protocols)
4) Higher internal treasury charges for funding
5) Diminished availability of balance sheet or capital at your institution
6) Worsening in general market liquidity and functioning
7) Less-aggressive competition from other institutions
8) Other (please specify)
B. Possible reasons for easing
1) Improvement in current or expected financial strength of counterparties
2) Increased willingness of your institution to take on risk
3) Adoption of less-stringent market conventions (that is, collateral terms and
agreements, ISDA protocols)
4) Lower internal treasury charges for funding
5) Increased availability of balance sheet or capital at your institution
6) Improvement in general market liquidity and functioning
7) More-aggressive competition from other institutions
8) Other (please specify)
32. How has the intensity of efforts by investment advisers to negotiate morefavorable price and nonprice terms on behalf of separately managed accounts
changed over the past three months?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable (that is, your institution has few or no such clients)

- 14 33. Considering the entire range of transactions facilitated by your institution for such
clients, how has the use of financial leverage by separately managed accounts
established with investment advisers changed over the past three months?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable (that is, your institution has few or no such clients)
34. How has the provision of differential terms by your institution to separately
managed accounts established with most-favored (as a function of breadth,
duration, and extent of relationship) investment advisers changed over the past
three months?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable (that is, the client base is essentially homogeneous or your
institution has few or no such clients)
Nonfinancial Corporations
35. Over the past three months, how have the price terms (for example, financing
rates) offered to nonfinancial corporations as reflected across the entire spectrum
of securities financing and OTC derivatives transaction types changed, regardless
of nonprice terms? (Please indicate tightening if terms have become more
stringent—for example, if financing rates have risen.)
1) Tightened considerably
2) Tightened somewhat
3) Remained basically unchanged
4) Eased somewhat
5) Eased considerably

- 15 36. Over the past three months, how has your use of nonprice terms (for example,
haircuts, maximum maturity, covenants, cure periods, cross-default provisions or
other documentation features) with respect to nonfinancial corporations across the
entire spectrum of securities financing and OTC derivatives transaction types
changed, regardless of price terms? (Please indicate tightening if terms have
become more stringent—for example, if haircuts have been increased.)
1) Tightened considerably
2) Tightened somewhat
3) Remained basically unchanged
4) Eased somewhat
5) Eased considerably
37. To the extent that the price or nonprice terms applied to nonfinancial corporations
have tightened or eased over the past three months (as reflected in your responses
to questions 34 and 35), what are the most important reasons for the change?
(Please respond to A (if you indicated a tightening in responding to either of the
two preceding questions), B (if you indicated an easing in responding to either of
the two preceding questions), or both, as appropriate. Please select no more than
three reasons, indicating the most important with a “1,” the next most important
with a “2,” and so on.)
A. Possible reasons for tightening
1) Deterioration in current or expected financial strength of counterparties
2) Reduced willingness of your institution to take on risk
3) Adoption of more-stringent market conventions (that is, collateral terms
and agreements, ISDA protocols)
4) Higher internal treasury charges for funding
5) Diminished availability of balance sheet or capital at your institution
6) Worsening in general market liquidity and functioning
7) Less-aggressive competition from other institutions
8) Other (please specify)
B. Possible reasons for easing
1) Improvement in current or expected financial strength of counterparties
2) Increased willingness of your institution to take on risk
3) Adoption of less-stringent market conventions (that is, collateral terms and
agreements, ISDA protocols)
4) Lower internal treasury charges for funding
5) Increased availability of balance sheet or capital at your institution
6) Improvement in general market liquidity and functioning
7) More-aggressive competition from other institutions
8) Other (please specify)

- 16 38. How has the intensity of efforts by nonfinancial corporations to negotiate morefavorable price and nonprice terms changed over the past three months?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
Mark and Collateral Disputes
39. Over the past three months, how has the volume of mark and collateral disputes
with clients of each of the following types changed? (Please respond using the
following scale: 1 = increased considerably, 2 = increased somewhat,
3 = remained basically unchanged, 4 = decreased somewhat,
5 = decreased considerably, or n/a = not applicable.)
A. Dealers and other financial intermediaries
B. Hedge funds
C. Trading REITs
D. Mutual funds, ETFs, pension plans, and endowments
E. Insurance companies
F. Separately managed accounts established with investment advisers
G. Nonfinancial corporations
40. Over the past three months, how has the duration and persistence of mark and
collateral disputes with clients of each of the following types changed? (Please
respond using the following scale: 1 = increased considerably, 2 = increased
somewhat, 3 = remained basically unchanged, 4 = decreased somewhat,
5 = decreased considerably, or n/a = not applicable.)
A. Dealers and other financial intermediaries
B. Hedge funds
C. Trading REITs
D. Mutual funds, ETFs, pension plans, and endowments
E. Insurance companies
F. Separately managed accounts established with investment advisers
G. Nonfinancial corporations

- 17 Over-the-Counter Derivatives
Questions 41 through 51 ask about OTC derivatives trades. Question 41 focuses on
nonprice terms applicable to new and renegotiated master agreements. Questions 42
through 48 ask about the initial margin requirements for most-favored and average clients
applicable to different types of contracts: Question 42 focuses on foreign exchange (FX);
question 43 on interest rates; question 44 on equity; question 45 on contracts referencing
corporate credits (single-name and indexes); question 46 on credit derivatives referencing
structured products such as mortgage-backed securities (MBS) and asset-backed
securities (ABS) (specific tranches and indexes); question 47 on commodities; and
question 48 on total return swaps (TRS) referencing nonsecurities (such as bank loans,
including, for example, commercial and industrial loans and mortgage whole loans).
Question 49 asks about posting of nonstandard collateral pursuant to OTC derivative
contracts. Questions 50 and 51 focus on mark and collateral disputes involving contracts
of each of the aforementioned types.
If your institution’s terms have tightened or eased over the past three months, please so
report them regardless of how they stand relative to longer-term norms. Please focus
your response on dollar-denominated instruments; if material differences exist with
respect to instruments denominated in other currencies, please explain in the appropriate
comment space.
New and Renegotiated Master Agreements
41. Over the past three months, how have nonprice terms incorporated in new or
renegotiated OTC derivatives master agreements put in place with your
institution’s client changed? (Please assign each term a number between 1 and 5
using the following scale: 1 = tightened considerably, 2 = tightened somewhat,
3 = remained basically unchanged, 4 = eased somewhat, 5 = eased considerably,
or n/a = not applicable.)
A. Requirements, timelines, and thresholds for posting additional margin
B. Acceptable collateral
C. Recognition of portfolio or diversification benefits (including from
securities financing trades where appropriate agreements are in place)
D. Triggers and covenants
E. Other documentation features (including cure periods and cross-default
provisions)
F. Other (please specify)

- 18 Initial Margin
42. Over the past three months, how have initial margin requirements set by your
institution with respect to OTC FX derivatives changed?
A. Initial margin requirements for average clients
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
B. Initial margin requirements for most-favored clients, as a consequence of
breadth, duration, and/or extent of relationship
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
43. Over the past three months, how have initial margin requirements set by your
institution with respect to OTC interest rate derivatives changed?
A. Initial margin requirements for average clients
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
B. Initial margin requirements for most-favored clients, as a consequence of
breadth, duration, and/or extent of relationship
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable

- 19 -

44. Over the past three months, how have initial margin requirements set by your
institution with respect to OTC equity derivatives changed?
A. Initial margin requirements for average clients
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
B. Initial margin requirements for most-favored clients, as a consequence of
breadth, duration, and/or extent of relationship
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
45. Over the past three months, how have initial margin requirements set by your
institution with respect to OTC credit derivatives referencing corporates (singlename corporates or corporate indexes) changed?
A. Initial margin requirements for average clients
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
B. Initial margin requirements for most-favored clients, as a consequence of
breadth, duration, and/or extent of relationship
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable

- 20 46. Over the past three months, how have initial margin requirements set by your
institution with respect to OTC credit derivatives referencing securitized products
(such as specific ABS or MBS tranches and associated indexes) changed?
A. Initial margin requirements for average clients
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
B. Initial margin requirements for most-favored clients, as a consequence of
breadth, duration, and/or extent of relationship
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
47. Over the past three months, how have initial margin requirements set by your
institution with respect to OTC commodity derivatives changed?
A. Initial margin requirements for average clients
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
B. Initial margin requirements for most-favored clients, as a consequence of
breadth, duration, and/or extent of relationship
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable

- 21 48. Over the past three months, how have initial margin requirements set by your
institution with respect to TRS referencing nonsecurities (such as bank loans,
including, for example, commercial and industrial loans and mortgage whole
loans) changed?
A. Initial margin requirements for average clients
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
B. Initial margin requirements for most-favored clients, as a consequence of
breadth, duration, and/or extent of relationship
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
Nonstandard Collateral
49. Over the past three months, how has the posting of nonstandard collateral (that is,
other than cash and U.S. Treasury securities) as permitted under relevant
agreements changed?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably

- 22 Mark and Collateral Disputes
50. Over the past three months, how has the volume of mark and collateral disputes
relating to contracts of each of the following types changed? (Please respond
using the following scale: 1 = increased considerably, 2 = increased somewhat,
3 = remained basically unchanged, 4 = decreased somewhat, 5 = decreased
considerably, or n/a = not applicable.)
A. FX
B. Interest rate
C. Equity
D. Credit referencing corporates
E. Credit referencing securitized products including MBS and ABS
F. Commodity
G. TRS referencing nonsecurities (such as bank loans, including, for
example, commercial and industrial loans and mortgage whole loans)
51. Over the past three months, how has the duration and persistence of mark and
collateral disputes relating to contracts of each of the following types changed?
(Please respond using the following scale: 1 = increased considerably,
2 = increased somewhat, 3 = remained basically unchanged, 4 = decreased
somewhat, 5 = decreased considerably, or n/a = not applicable.)
A. FX
B. Interest rate
C. Equity
D. Credit referencing corporates
E. Credit referencing securitized products including MBS and ABS
F. Commodity
G. TRS referencing nonsecurities (such as bank loans, including, for
example, commercial and industrial loans and mortgage whole loans)

- 23 Securities Financing
Questions 52 through 79 ask about securities funding at your institution—that is, lending
to clients collateralized by securities. Such activities may be conducted on a “repo” desk,
on a trading desk engaged in facilitation for institutional clients and/or proprietary
transactions, on a funding desk, or on a prime brokerage platform. Questions 52 through
55 focus on lending against high-grade corporate bonds; questions 56 through 59 on
lending against high-yield corporate bonds; questions 60 and 61 on lending against
equities (including through stock loan); questions 62 through 65 on lending against
agency residential mortgage-backed securities (agency RMBS); questions 66 through 69
on lending against non-agency residential mortgage-backed securities (non-agency
RMBS); questions 70 through 73 on lending against commercial mortgage-backed
securities (CMBS); and questions 74 through 77 on consumer ABS (for example, backed
by credit card receivables or auto loans). Questions 78 and 79 ask about mark and
collateral disputes for lending backed by each of the aforementioned contract types.
If your institution’s terms have tightened or eased over the past three months, please so
report them regardless of how they stand relative to longer-term norms. Please focus
your response on dollar-denominated instruments; if material differences exist with
respect to instruments denominated in other currencies, please explain in the appropriate
comment space.
High-Grade Corporate Bonds
52. Over the past three months, how have the terms under which high-grade corporate
bonds are funded changed? (Please assign each term a number between 1 and 5
using the following scale: 1 = tightened considerably, 2 = tightened somewhat,
3 = remained basically unchanged, 4 = eased somewhat, 5 = eased considerably,
or n/a = not applicable. Please indicate tightening if terms have become more
stringent—for example, if haircuts have risen or collateral spreads have widened.)
A. Terms for average clients
a. Maximum amount of funding
b. Maximum maturity
c. Haircuts
d. Collateral spreads over relevant benchmark (effective financing rates)
e. Other (please specify)
B. Terms for most-favored clients, as a consequence of breadth, duration and/or
extent of relationship
a. Maximum amount of funding
b. Maximum maturity
c. Haircuts
d. Collateral spreads over relevant benchmark (effective financing rates)
e. Other (please specify)

- 24 53. Over the past three months, how has demand for funding of high-grade corporate
bonds by your institution’s clients changed?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
54. Over the past three months, how has demand for term funding with a maturity
greater than 30 days of high-grade corporate bonds by your institution’s clients
changed?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
55. Over the past three months, how have liquidity and functioning in the high-grade
corporate bond market changed?2
1) Improved considerably
2) Improved somewhat
3) Remained basically unchanged
4) Deteriorated somewhat
5) Deteriorated considerably
6) Not applicable

2

This question is intended to elicit an assessment of overall conditions in the high-grade corporate bond
market, and not just the ease with which positions may be financed. While your views may be informed in
part by what you observe in the funding market, please respond with regard to the broader liquidity and
functioning of the market for these securities.

- 25 High-Yield Corporate Bonds
56. Over the past three months, how have the terms under which high-yield corporate
bonds are funded changed? (Please assign each term a number between 1 and 5
using the following scale: 1 = tightened considerably, 2 = tightened somewhat,
3 = remained basically unchanged, 4 = eased somewhat, 5 = eased considerably,
or n/a = not applicable. Please indicate tightening if terms have become more
stringent—for example, if haircuts have risen or collateral spreads have widened.)
A. Terms for average clients
a. Maximum amount of funding
b. Maximum maturity
c. Haircuts
d. Collateral spreads over relevant benchmark (effective financing rates)
e. Other (please specify)
B. Terms for most-favored clients, as a consequence of breadth, duration and/or
extent of relationship
a. Maximum amount of funding
b. Maximum maturity
c. Haircuts
d. Collateral spreads over relevant benchmark (effective financing rates)
e. Other (please specify)
57. Over the past three months, how has demand for funding of high-yield corporate
bonds by your institution’s clients changed?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
58. Over the past three months, how has demand for term funding with a maturity
greater than 30 days of high-yield corporate bonds by your institution’s clients
changed?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable

- 26 59. Over the past three months, how have liquidity and functioning in the high-yield
corporate bond market changed?3
1) Improved considerably
2) Improved somewhat
3) Remained basically unchanged
4) Deteriorated somewhat
5) Deteriorated considerably
6) Not applicable
Equities (Including through Stock Loan)
60. Over the past three months, how have the terms under which equities are funded
(including through stock loan) changed? (Please assign each term a number
between 1 and 5 using the following scale: 1 = tightened considerably,
2 = tightened somewhat, 3 = remained basically unchanged, 4 = eased somewhat,
5 = eased considerably, or n/a = not applicable. Please indicate tightening if
terms have become more stringent—for example, if haircuts have risen or
collateral spreads have widened.)
A. Terms for average clients
a. Maximum amount of funding
b. Maximum maturity
c. Haircuts
d. Collateral spreads over relevant benchmark (effective financing rates)
e. Other (please specify)
B. Terms for most-favored clients, as a consequence of breadth, duration and/or
extent of relationship
a. Maximum amount of funding
b. Maximum maturity
c. Haircuts
d. Collateral spreads over relevant benchmark (effective financing rates)
e. Other (please specify)

3

This question is intended to elicit an assessment of overall conditions in the high-yield corporate bond
market, and not just the ease with which positions may be financed. While your views may be informed in
part by what you observe in the funding market, please respond with regard to the broader liquidity and
functioning of the market for these securities.

- 27 61. Over the past three months, how has demand for funding of equities (including
through stock loan) by your institution’s clients changed?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
Agency Residential Mortgage-Backed Securities
62. Over the past three months, how have the terms under which agency RMBS are
funded changed? (Please assign each term a number between 1 and 5 using the
following scale: 1 = tightened considerably, 2 = tightened somewhat,
3 = remained basically unchanged, 4 = eased somewhat, 5 = eased considerably,
or n/a = not applicable. Please indicate tightening if terms have become more
stringent—for example, if haircuts have risen or collateral spreads have widened.)
A. Terms for average clients
a. Maximum amount of funding
b. Maximum maturity
c. Haircuts
d. Collateral spreads over relevant benchmark (effective financing rates)
e. Other (please specify)
B. Terms for most-favored clients, as a consequence of breadth, duration and/or
extent of relationship
a. Maximum amount of funding
b. Maximum maturity
c. Haircuts
d. Collateral spreads over relevant benchmark (effective financing rates)
e. Other (please specify)
63. Over the past three months, how has demand for funding of agency RMBS by
your institution’s clients changed?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable

- 28 64. Over the past three months, how has demand for term funding with a maturity
greater than 30 days of agency RMBS by your institution’s clients changed?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
65. Over the past three months, how have liquidity and functioning in the agency
RMBS market changed?4
1) Improved considerably
2) Improved somewhat
3) Remained basically unchanged
4) Deteriorated somewhat
5) Deteriorated considerably
6) Not applicable

4

This question is intended to elicit an assessment of overall conditions in the agency RMBS market, and
not just the ease with which positions may be financed. While your views may be informed in part by what
you observe in the funding market, please respond with regard to the broader liquidity and functioning of
the market for these securities.

- 29 Non-agency Residential Mortgage-Backed Securities
66. Over the past three months, how have the terms under which non-agency RMBS
are funded changed? (Please assign each term a number between 1 and 5 using
the following scale: 1 = tightened considerably, 2 = tightened somewhat,
3 = remained basically unchanged, 4 = eased somewhat, 5 = eased considerably,
or n/a = not applicable. Please indicate tightening if terms have become more
stringent—for example, if haircuts have risen or collateral spreads have widened.)
A. Terms for average clients
a. Maximum amount of funding
b. Maximum maturity
c. Haircuts
d. Collateral spreads over relevant benchmark (effective financing rates)
e. Other (please specify)
B. Terms for most-favored clients, as a consequence of breadth, duration and/or
extent of relationship
a. Maximum amount of funding
b. Maximum maturity
c. Haircuts
d. Collateral spreads over relevant benchmark (effective financing rates)
e. Other (please specify)
67. Over the past three months, how has demand for funding of non-agency RMBS
by your institution’s clients changed?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
68. Over the past three months, how has demand for term funding with a maturity
greater than 30 days of non-agency RMBS by your institution’s clients changed?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable

- 30 69. Over the past three months, how have liquidity and functioning in the non-agency
RMBS market changed?5
1) Improved considerably
2) Improved somewhat
3) Remained basically unchanged
4) Deteriorated somewhat
5) Deteriorated considerably
6) Not applicable
Commercial Mortgage-Backed Securities
70. Over the past three months, how have the terms under which CMBS are funded
changed? (Please assign each term a number between 1 and 5 using the following
scale: 1 = tightened considerably, 2 = tightened somewhat, 3 = remained
basically unchanged, 4 = eased somewhat, 5 = eased considerably, or n/a = not
applicable. Please indicate tightening if terms have become more stringent—for
example, if haircuts have risen or collateral spreads have widened.)
A. Terms for average clients
a. Maximum amount of funding
b. Maximum maturity
c. Haircuts
d. Collateral spreads over relevant benchmark (effective financing rates)
e. Other (please specify)
B. Terms for most-favored clients, as a consequence of breadth, duration and/or
extent of relationship
a. Maximum amount of funding
b. Maximum maturity
c. Haircuts
d. Collateral spreads over relevant benchmark (effective financing rates)
e. Other (please specify)
71. Over the past three months, how has demand for funding of CMBS by your
institution’s clients changed?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
5

This question is intended to elicit an assessment of overall conditions in the non-agency RMBS market,
and not just the ease with which positions may be financed. While your views may be informed in part by
what you observe in the funding market, please respond with regard to the broader liquidity and functioning
of the market for these securities.

- 31 -

72. Over the past three months, how has demand for term funding with a maturity
greater than 30 days of CMBS by your institution’s clients changed?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
73. Over the past three months, how have liquidity and functioning in the CMBS
market changed?6
1) Improved considerably
2) Improved somewhat
3) Remained basically unchanged
4) Deteriorated somewhat
5) Deteriorated considerably
6) Not applicable

6

This question is intended to elicit an assessment of overall conditions in the CMBS market, and not just
the ease with which positions may be financed. While your views may be informed in part by what you
observe in the funding market, please respond with regard to the broader liquidity and functioning of the
market for these securities.

- 32 Consumer Asset-Backed Securities
74. Over the past three months, how have the terms under which consumer ABS (for
example, backed by credit card receivables or auto loans) are funded changed?
(Please assign each term a number between 1 and 5 using the following scale:
1 = tightened considerably, 2 = tightened somewhat, 3 = remained basically
unchanged, 4 = eased somewhat, 5 = eased considerably, or n/a = not applicable.
Please indicate tightening if terms have become more stringent—for example, if
haircuts have risen or collateral spreads have widened.)
A. Terms for average clients
a. Maximum amount of funding
b. Maximum maturity
c. Haircuts
d. Collateral spreads over relevant benchmark (effective financing rates)
e. Other (please specify)
B. Terms for most-favored clients, as a consequence of breadth, duration and/or
extent of relationship
a. Maximum amount of funding
b. Maximum maturity
c. Haircuts
d. Collateral spreads over relevant benchmark (effective financing rates)
e. Other (please specify)
75. Over the past three months, how has demand for funding of consumer ABS by
your institution’s clients changed?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable
76. Over the past three months, how has demand for term funding with a maturity
greater than 30 days of consumer ABS by your institution’s clients changed?
1) Increased considerably
2) Increased somewhat
3) Remained basically unchanged
4) Decreased somewhat
5) Decreased considerably
6) Not applicable

- 33 77. Over the past three months, how have liquidity and functioning in the consumer
ABS market changed?7
1) Improved considerably
2) Improved somewhat
3) Remained basically unchanged
4) Deteriorated somewhat
5) Deteriorated considerably
6) Not applicable
Mark and Collateral Disputes
78. Over the past three months, how has the volume of mark and collateral disputes
relating to lending against each of the following collateral types changed? (Please
respond using the following scale: 1 = increased considerably, 2 = increased
somewhat, 3 = remained basically unchanged, 4 = decreased somewhat,
5 = decreased considerably, or n/a = not applicable.)
A. High-grade corporate bonds
B. High-yield corporate bonds
C. Equities
D. Agency RMBS
E. Non-agency RMBS
F. CMBS
G. Consumer ABS
79. Over the past three months, how has the duration and persistence of mark and
collateral disputes relating to lending against each of the following collateral
types changed? (Please respond using the following scale: 1 = increased
considerably, 2 = increased somewhat, 3 = remained basically unchanged,
4 = decreased somewhat, 5 = decreased considerably, or n/a = not applicable.)
A. High-grade corporate bonds
B. High-yield corporate bonds
C. Equities
D. Agency RMBS
E. Non-agency RMBS
F. CMBS
G. Consumer ABS

7

This question is intended to elicit an assessment of overall conditions in the consumer ABS market, and
not just the ease with which positions may be financed. While your views may be informed in part by what
you observe in the funding market, please respond with regard to the broader liquidity and functioning of
the market for these securities.

- 34 Optional Question
Question 80 requests feedback on any other issues you judge to be important relating to
credit terms applicable to securities financing transactions and OTC derivatives contracts.
80. Are there any other recent developments involving conditions and practices in
any of the markets addressed in this survey or applicable to the counterparty types
listed in this survey that you regard as particularly significant and which were not
fully addressed in the prior questions? Your response will help us stay abreast of
emerging issues and in choosing questions for future surveys. There is no need to
reply to this question if there is nothing you wish to add.