Eurosystem collateral management system (ECMS)

The objective of this project is to merge the national central banks’ existing 19 different national collateral management systems (CMS) into a single collateral management system covering the entire Eurosystem. A prerequisite for a single functional approach is sufficient harmonisation. Based on a stocktaking exercise with the Eurosystem’s national central banks, a framework was drawn up. This framework comprises general principles, specifies high-level user requirements and identifies areas that still need harmonising.

At its meeting on 6 December 2017, the Governing Council of the ECB decided to realise the project.

ECMS will consist of core components (functionalities, services and processes) which have already been harmonised or can be harmonised at the Eurosystem level. In addition, there will be components within the ECMS where the individual national central banks may opt either to use the ECMS services or to continue using the national collateral management system for these areas. Non-harmonised functionalities, services and processes will not be covered by the ECMS.

Task force on collateral management harmonisation (CMH-TF)

The task force on collateral management harmonisation (CMH-TF) was set up to develop harmonised business processes for the Eurosystem’s collateral management system.

It is the CMH-TF’s responsibility to prioritise previously specified harmonisation measures and subsequently define harmonised processes within the Eurosystem. To support the development of the harmonisation processes, five sub-groups have been set up in addition to the above task force, in which the harmonisation measures are discussed. Participants are representatives of the Eurosystem central banks, bank representatives and central securities depositories. 

Task force on Eurosystem collateral management system (ECMS-TF)

In order to support the project initiative, the ECMS-TF was set up to establish the user requirements with regard to the ECMS. The task force was also responsible for drawing up the test plans and helping to draw up the Eurosystem’s cost-benefit analysis. Participants were the Eurosystem central banks.

Further information will be provided by the national user bodies.