Procedure for first-time participation in monetary policy operations.

Step 1

First, please contact your customer service team (KBS). They will provide you with the relevant information on the next steps.

Step 2

The Deutsche Bundesbank maintains the counterparty pools (collateral accounts) required for monetary policy operations and TARGET contingency in the ECMS. For the collateralisation of monetary policy operations, a counterparty pool (collateral account) must be opened and, if marketable collateral (securities) is used, a counterparty asset account (disposition securities account) must also be opened.

To make full use of the ECMS, monetary policy counterparties require technical access to the ECMS. Communication with the ECMS can be U2A (user to application, i.e. via a graphical user interface) and/or A2A (application to application, i.e. via the exchange of messages in ISO 20022 format between systems).

Step 3

You will also need a TARGET-Bundesbank primary MCA for monetary settlement. Further information regarding the registration can be found under the link below. You can contact the National Service Desk TARGET-Services at + 49 69 9566‑38870. 

Step 4

If you want to submit credit claims – i.e. non-marketable assets – as collateral using the online procedure, you will also require access to MACCs via the Bundesbank’s ExtraNet.

Step 5

You will also need to register with the OpenMarket Tender Operations System (OMTOS).