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Survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD) - March 2024

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Thursday, April 18, 2024
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Survey on credit terms and

Key Points: 
    • Survey on credit terms and
      conditions in euro-denominated
      securities financing and OTC
      derivatives markets (SESFOD)
      March 2024
      The Eurosystem conducts a three-monthly qualitative survey on credit terms and
      conditions in euro-denominated securities financing and over-the-counter (OTC)
      derivatives markets.
    • The survey questions are grouped into three sections:
      1.

      counterparty types ? credit terms and conditions for various counterparty
      types in both securities financing and OTC derivatives markets;

      2.

      securities financing ? financing conditions for various collateral types;

      3.

      non-centrally cleared OTC derivatives ? credit terms and conditions for
      various derivative types.

    • The survey focuses on euro-denominated instruments in securities financing and
      OTC derivatives markets.
    • For securities financing, the survey refers to the
      euro-denominated securities against which financing is provided, rather than the
      currency of the loan.
    • Reporting institutions should report on their global credit terms, so the survey is
      aimed at senior credit officers responsible for maintaining an overview of the
      management of credit risks.
    • SESFOD March 2024

      2

      March 2024 SESFOD results
      (Review period from December 2023 to February 2024)
      The March 2024 Survey on credit terms and conditions in euro-denominated
      securities financing and OTC derivatives markets (SESFOD) reports qualitative
      changes in credit terms between December 2023 and February 2024.

    • Looking at credit terms and conditions for the various types of non-centrally cleared
      OTC derivative, initial margin requirements increased slightly for all derivative types.
    • Survey respondents reported mostly unchanged conditions as regards the maximum
      amount of exposure and the maximum maturity of trades.
    • Moreover, they reported that the volume of valuation disputes had
      declined for all derivative types except credit derivatives.
    • The survey asked respondents to compare credit terms
      and conditions on the cut-off date for the March 2024 survey round (i.e.
    • Compared with the
      previous year, overall terms and conditions for securities financing and OTC
      derivatives transactions had eased somewhat across all counterparties, while credit
      standards for funding secured against various types of collateral and non-price terms
      in OTC derivatives markets were generally tighter.
    • Credit terms and conditions for various counterparty types in both
      securities financing and OTC derivatives markets
      Overall credit terms and conditions eased between December 2023 and
      February 2024 (Chart A).
    • The overall easing of conditions masked some
      heterogeneity between price and non-price terms, and across different types of
      counterparty, though reported changes were relatively small.
    • Credit terms and conditions for various types of non-centrally
      cleared OTC derivative
      Initial margin requirements increased slightly for all derivative types.
    • Meanwhile, they reported
      unchanged conditions for credit derivatives referencing sovereigns and commodities,
      as well as a slight deterioration for credit derivatives referencing corporates and
      structured credit products.
    • The survey asked respondents to compare the credit terms and conditions observed
      on the cut-off date for the March 2024 survey (i.e.
    • Compared with the previous year, overall terms and conditions for securities
      financing and OTC derivatives transactions had eased somewhat across all
      counterparties.
    • Survey respondents reported that non-price credit terms in OTC derivatives
      markets had tightened somewhat for almost all types of derivative relative to
      the previous year.

Is home bias biased? New evidence from the investment fund sector

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Thursday, April 18, 2024
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Key Points: 

    Central bank digital currency and monetary policy implementation

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    Thursday, April 18, 2024
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    Key Points: 

      Digital euro safeguards – protecting financial stability and liquidity in the banking sector

      Retrieved on: 
      Thursday, April 18, 2024
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      A digital euro would offer a wide range of

      Key Points: 
        • A digital euro would offer a wide range of
          financial stability benefits, including safeguarding the role of public money and
          strengthening the strategic autonomy and monetary sovereignty of the euro area in
          the digital era.
        • Keywords: CBDC, digital euro, bank intermediation, financial stability risks.
        • A digital euro has the potential to offer a wide range of financial stability
          benefits for the digital era.
        • A digital euro would
          stimulate financial innovation among private sector entities and enhance the
          efficiency and resilience of the financial system by supporting competition and
          diversity within it.3 In addition, a digital euro would strengthen the strategic autonomy
          and monetary sovereignty of the euro area.
        • A digital euro would be designed to minimise risks to the financial system.
        • 2

          The preparation phase will pave the way for a future decision on whether or not to issue a digital euro.

        • When gauging the implications for the euro area banking sector of introducing a
          digital euro, take-up would be key, as it would determine the level of deposit
          outflows.
        • In the latter case, the
          issuance of a digital euro would not affect banks? balance sheets, since banks would return euro
          banknotes to the Eurosystem in exchange for digital euro.
        • Banknotes and digital euro are two different
          types of central bank liability, so a swap between banknotes and digital euro would only affect the
          composition and not the size of the Eurosystem?s balance sheet.
        • In our analysis, we model only the
          substitution of commercial bank deposits with a possible future digital euro.
        • 8

          The legislative proposal on a digital euro provides for the inclusion of such safeguards and establishes
          specific criteria for the limits, aiming to contain the use of a digital euro as a store of value.

        • ECB Occasional Paper Series No 346

          4

          2

          The added value of digital euro
          safeguards such as holding limits
          To understand the benefits of digital euro safeguards, such as holding limits, it
          is useful to first consider the implications of introducing a CBDC without
          adequate safeguards.

        • (2022), ?Central bank digital currency and bank intermediation: Exploring different
          approaches for assessing the effects of a digital euro on euro area banks?, Occasional Papers, No 293,
          European Central Bank, Frankfurt am Main, May.
        • deciding to adopt the digital euro, and (ii) the average amount of digital euro in a
          wallet.
        • At the same time, as discussed in this paper, the design of a digital euro would
          include effective safeguards, such as individual holding limits, to mitigate
          potential financial stability risks.
        • ECB Occasional Paper Series No 346

          15

          an upper bound on the amount of digital euro in circulation, thereby addressing and
          limiting financial stability concerns associated with the introduction of a digital euro.

        • (2023), ?A digital euro: gauging the
          financial stability implications?, Financial Stability Review, ECB, November.

      EQS-News: publity AG: Sale of an office property near Kiel

      Retrieved on: 
      Wednesday, April 10, 2024
      Frankfurt, Kiel Canal, Sale, AG, Environment

      Frankfurt am Main, April 03, 2024 – publity AG ("publity", ISIN DE0006972508), as asset manager, has sold an office property in Büdelsdorf near Kiel.

      Key Points: 
      • Frankfurt am Main, April 03, 2024 – publity AG ("publity", ISIN DE0006972508), as asset manager, has sold an office property in Büdelsdorf near Kiel.
      • The three-storey office property has a total rental area of almost 4,500 square meters.
      • The property is located in a central commercial location, adjacent to the city of Rendsburg, with access to the Kiel Canal and very good transport connections.
      • Frank Schneider, CEO of publity: "The sale of the property in Büdelsdorf is already the fifth transaction that we have been able to conclude this year.

      EQS-News: Supervisory Board of ProCredit Holding AG extends contract of Management Board Chair Hubert Spechtenhauser ahead of schedule by a further year

      Retrieved on: 
      Wednesday, April 10, 2024
      Corporation, Risk management, Supervisory board, Trust, ProCredit Holding, Frankfurt, Capital market, Orientation, Landesbank, UniCredit, Management

      Frankfurt am Main, 19 March 2024 - The Supervisory Board of ProCredit Holding AG decided today to extend the contract of Management Board Chair Hubert Spechtenhauser ahead of schedule by a further year until end-February 2026.

      Key Points: 
      • Frankfurt am Main, 19 March 2024 - The Supervisory Board of ProCredit Holding AG decided today to extend the contract of Management Board Chair Hubert Spechtenhauser ahead of schedule by a further year until end-February 2026.
      • The Supervisory Board is committed to continuity in the management of the ProCredit group and, with this staffing decision, has reaffirmed its recognition of successful strategic management and the achievement of excellent business results.
      • "As Chair of the Management Board, Hubert Spechtenhauser has driven the development of the ProCredit group in a convincing manner.
      • We wish him and the entire Management Board continued success," said Rainer Ottenstein, Chair of the Supervisory Board of ProCredit Holding AG.

      EQS-News: Brockhaus Technologies AG: Dynamic and highly profitable growth continues in 2024 and 2025

      Retrieved on: 
      Wednesday, April 10, 2024
      Annual, Interest, Growth, Supervisory board, D2C, Share repurchase, Policy, Acquisition, Frankfurt, Investment, Annual report, Financial Technologies Group

      At €186.6 million (2022: €142.7 million) revenue in the 2023 financial year was up by +31% compared to the previous year.

      Key Points: 
      • At €186.6 million (2022: €142.7 million) revenue in the 2023 financial year was up by +31% compared to the previous year.
      • Brockhaus Technologies achieved an adjusted EBITDA margin of 33.3% (2022: 33.2%) and an adjusted EBIT margin of 30.9% (2022: 30.9%).
      • In the interest of an attractive dividend policy, Brockhaus Technologies aims to distribute a steadily increasing dividend in the future.
      • Brockhaus Technologies continues to have a high balance sheet quality and a very solid financing structure.

      EQS-News: Northern Data Group Publishes Consolidated Financial Statements for the Year Ended December 31, 2022

      Retrieved on: 
      Wednesday, April 10, 2024
      Cloud, Frankfurt, EUR, Digital asset, Capital market, Ticker, High, Annual report, NB2, Cryptocurrency

      Northern Data Group Publishes Consolidated Financial Statements for the Year Ended December 31, 2022

      Key Points: 
      • Northern Data Group Publishes Consolidated Financial Statements for the Year Ended December 31, 2022
        The issuer is solely responsible for the content of this announcement.
      • Northern Data Group Publishes Consolidated Financial Statements for the Year Ended December 31, 2022
        Frankfurt/Main – March 22, 2024 – Northern Data Group (“Northern Data AG”; Ticker symbol German stock market: NB2 , ISIN: DE000A0SMU87 ) today published its key financial figures as well as the audited annual financial statements and audited consolidated financial statements for the 2022 financial year.
      • The Group spreads its revenue streams across its three application areas for High Performance-Computing – Cloud Services, Data Center Infrastructure, and Digital Assets.
      • The 2022 Annual Report, as well as a summary of the financial figures for 2022, are available in the IR section of the Group's website .

      EQS-News: ProCredit group reaches key milestones in its comprehensive sustainability strategy in 2023 and defines further targets

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      Wednesday, April 10, 2024
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      With the inauguration of our own “ProEnergy” solar park to the electricity grid in Kosovo in July 2023, the ProCredit group took an important step towards achieving climate neutrality.

      Key Points: 
      • With the inauguration of our own “ProEnergy” solar park to the electricity grid in Kosovo in July 2023, the ProCredit group took an important step towards achieving climate neutrality.
      • A number of other initiatives contributed to the reduction of ProCredit’s ecological footprint in 2023 and thus reinforced the group’s sustainability strategy.
      • Furthermore, the ProCredit group was able to maintain its 100% recycling rate for paper waste and electronic waste in 2023.
      • The Impact Report Package 2023 of the ProCredit group as well as the Annual Report 2023 are available as of today on the ProCredit Holding website in the Investor Relations section at:

      EQS-News: publity AG: Sale of an office property in the Rhine-Ruhr metropolitan region

      Retrieved on: 
      Wednesday, April 10, 2024
      Frankfurt, AG

      Frankfurt am Main, March 20, 2024 - publity AG ("publity", ISIN DE0006972508) has sold a property in Mühlheim an der Ruhr as asset manager.

      Key Points: 
      • Frankfurt am Main, March 20, 2024 - publity AG ("publity", ISIN DE0006972508) has sold a property in Mühlheim an der Ruhr as asset manager.
      • The office and warehouse property has a total rental area of almost 4,500 square meters.
      • The office building is centrally located in the middle of the Rhine-Ruhr metropolitan region in North Rhine-Westphalia.
      • Frank Schneider, CEO of publity: "Once again we have succeeded in selling a centrally located and fully let office property.