Documentation & FAQs
In October 2020, the Governing Council of the
ECB decided to extend the duration of the ECMS project by 12 months. It is now scheduled to go live in November 2023. In this context, the Eurosystem has published an updated list of milestones relevant to the ECMS Community Readiness Monitoring in Januar 2021.
Business Description Document for the ECMS
In version 1.1 of the Business Description Document for the ECMS, we introduce the functions and properties of the ECMS to our counterparties and thereby support stake-holders in their go-live preparations. The document explains the different functionalities available to external agents (counterparties, CSDs and TPAs) and provides information on communication between the ECMS and those groups of users.
ECMS Connectivity Guide
The ECMS Connectivity Guide provides counterparties with a detailed description of technical connectivity to the ECMS for both the test and live environments. It explains the different communication modes available to counterparties and provides detailed information on the steps needed to subscribe to the Value Added Network Service Provider’s (VA-NSP) Services for the ECMS (U2A – user-to-application and/or A2A – application-to-application).
Documents on ESMIG connection
The central access point to the TARGET services, T2 (CLM and RTGS), T2S, TIPS and ECMS is the Eurosystem Single Market Infrastructure Gateway (ESMIG). For future communication with the TARGET services and therefore ECMS, every counterparty needs to be connected via ESMIG (directly or can use third-party technical access). The two network service providers SIA-COLT and SWIFT, licensed by the Eurosystem, are available for this purpose. Further documents on the connection via ESMIG as well as information on contracts with the network service providers SIA-COLT and SWIFT can be found in the "TARGET2/T2S Consolidation" section.
The introduction of the ECMS has raised a whole host of questions for monetary policy counterparties. The Bundesbank has responded by compiling and publishing frequently asked questions (FAQs). The document is updated regularly.
Further information from the ECB
Documents and information on the ECMS
New policies for collateral mobilisation and settlement
On 13 April 2021, the Governing Council decided important changes that will be valid with the go-live of ECMS in November 2023. One is the TARGET2-Securities (T2S) settlement policy, according to which Eurosystem monetary policy counterparties will be required to mobilise collateral for use in Eurosystem credit operations into accounts held by euro area national central banks (NCBs) in central securities depositories (CSDs) that participate in T2S. Furthermore the elimination of fees for the mobilisation of marketable assets as collateral via the Correspondent Central Banking Model (CCBM).