Federal Reserve Economic Data

Counterparty Types (Questions 1-40)

Hedge Funds (Questions 4-10)


The Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS) is a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter (OTC) derivatives markets, which are important conduits for leverage in the financial system. The participating institutions account for most of the dealer financing of dollar-denominated securities to non-dealers and are the most active intermediaries in OTC derivatives markets. The survey is directed to senior credit officers responsible for maintaining a consolidated perspective on the management of credit risks. For further information, please refer to the SCOOS release at the Board of Governor’s website: www.federalreserve.gov/data/scoos.htm.

IMPORTANT: Although the raw data series are constructed as counts for each offered response to a survey question, the data are intended to be viewed as grouped by question, rather than by individual responses. We recommend that it be accessed through the below release table for appropriate context.

For questions on the data, please contact the data source: https://www.federalreserve.gov/apps/ContactUs/feedback.aspx?refurl=/data/scoos%
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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? (5)
5) 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? (5)
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? (42)
7) How has the intensity of efforts by hedge funds to negotiate more-favorable price and nonprice terms changed over the past three months? (5)
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? (5)
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? (5)
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? (5)

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