ECMS project
From the first half of 2025, the 20 national collateral management systems of the euro area national central banks will be replaced by ECMS: a single unified collateral management system for all national central banks for the management of assets used as collateral for Eurosystem credit operations.
The ECMS will work together with the other TARGET services to ensure that cash, securities and collateral flow freely across Europe.
© ECB
The ECMS keeps track of the individual collateral and credit positions of national central banks’ counterparties. It calculates the credit line available to each counterparty and sends this information to the central liquidity management tool of T2, CLM.
Counterparties’ (de-)mobilisation instructions are converted into settlement instructions which are sent to and settled in TARGET2-Securities (T2S).
© ECB
ECMS-planning
ECMS will be launched in the first half of 2025.
Migration to the new system will take a “big-bang” approach. This means that all interaction related to collateral management between national central banks and their communities will be carried out using ECMS from the migration date onwards.
Relevant collateral and credit positions will also be transferred from national central banks’ systems and made available in ECMS from that date.
National central banks’ communities may also need to adapt their systems and procedures to be ready to use ECMS. National central banks will conduct testing activities with their communities before the launch to ensure that they are ready to migrate to ECMS.
Links to ECB-website
Below are links to the most important documents for connectivity testing on the ECB website. The ‘ECMS-Professional use’ page contains links to all documents related to the ECMS project (e.g. Business Description Document, Business rules in ECMS, etc.)
Information and Training sessions
De Nederlandsche Bank will offer various information and training sessions to market participants in the coming period.
At least the following topics will be discussed in the to be planned training sessions:
- Reference data, connectivity and access management
- Collateral management marketable assets
- Collateral management non-marketable assets
- Reporting and contingency
Market participants will be informed in good time about upcoming sessions.