The Federal Reserve just dropped its June 2026 Senior Credit Officer Opinion Survey on Dealer Financing Terms, and the headline takeaway is that almost nothing changed.
The survey, which covers the period from March to May 2026, polled 22 major dealers responsible for the bulk of dollar-denominated securities financing to non-dealers. The diagnosis: everything is running smoothly, with a few minor adjustments worth noting.
What the survey actually found
Across all major financing and over-the-counter derivatives markets, both price and nonprice credit terms held steady.
The one area where things did shift was in financing spreads on equity collateral. About one-fifth of dealers reported easing in those spreads for certain clients.
