ECB publishes results of securities financing and OTC derivatives survey: ECB has published the results of the December 2013 survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets. The survey shows that price terms have tightened and non-price terms (maximum amount of funding, haircuts, cure periods, covenants, triggers, etc.) have remained the same, although hedge funds and non-financials have, overall, been offered improved terms. Demand for funding of euro-denominated collateral has increased, particularly for maturities greater than 30 days. Disputes related to valuation of derivatives have decreased. The survey also measures the impact of new prudential ratios on securities financing books and changes in market-making activities. (Source: Results of the December 2013 Survey on Credit Terms and Conditions in Euro-Denominated Securities Financing and OTC Derivatives Markets)

ECB speaks on CCP risks: ECB has participated at a conference organised by the US's Financial Stability Oversight Council. One of the members of its Executive Board spoke on the benefits and side effects of central clearing. He identified, among the new risks related to central clearing, concentration on few central counterparties (CCPs) and clearing members of those CCPs, as well as regulatory inconsistencies at global level, which can be overcome by monitoring compliance with the Principles for Financial Markets Infrastructures. (Source: Risks in CCPs)