Documentation & FAQs

In early December 2022 it was decided by the Governing Council of the EZB to postpone the planned start of operations to April 8, 2024. Please note that the documents listed below provisionally still refer to the old project planning with the start date of November 2023. The documents adapted to a possible new schedule will be made available here in due course.

Functional project documentation

ECMS Business Description Document (BDD)
In version 1.3 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.

Download

Business Description Document for the ECMS, Version 1.3

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Message Usage Guide
The ECMS message usage guide describes how the ECMS communicates in A2A mode using ISO 20022 messages. It explains which schemata, attributes, business roles and annotations are relevant in this context. Furthermore, it informs how to get access to the ECMS group in MyStandards in order to view the content of necessary messages in more detail.

External link

ECMS message usage guide

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Catalogue of Messages & Credit Claim Files
The Catalogue of Messages provides a detailed description of the entire set of ISO 20022 messages used by the ECMS. It allows the reader finding the necessary information related to messaging which is needed to establish a functioning system of A2A-communication between ECMS and the ECMS Actors.
Note: The “Credit Claim Files” are only relevant for credit claims managed in the ECMS. For counterparties of the Bundesbank, this only applies to the cross-border use of credit claims via the CCBM. The domestic use of credit claims will be managed in MACCs.

Further information on MACCs can be found in the section:

Mobilisation and Administration of Credit Claims (MACCs)

External link

ECMS Catalogue of Messages and Credit Claim Files

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U2A and A2A Roles & ECMS access rights matrix
The ECMS assigns predefined roles to users (counterparties, central securities depositories (CSD) and triparty agents (TPA). The business functions users are allowed to perform depend on the roles assigned to them and the respective data scope. A role consists of a number of rights that determine which functionality in the ECMS the user has access to. Each right relates to a business function for which the individual user either has read-only authorisation or which he can actively manage (execution). The system configuration in U2A mode provides a two-eyes principle and four-eyes principle for verification. In A2A mode this is done granularly according to business function in a two-eyes principle.

External links

U2A and A2A roles in the ECMS

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The ECMS Roles & Access right matrix file describes the screens that can be accessed according to the role in the ECMS GUI. This document can be downloaded under the following section:

ECMS access rights matrix

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Explainer on authentication and authorisation of instructions in the ECMS
This document describes how ESMIG and the ECMS verify that an A2A message sender is entitled to perform the instruction described by the message and therefore prevent the processing of a message/file built and sent by an actor not allowed to perform the action.

External link

Explainer on authentication and authorisation of instructions in the ECMS

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Status codes in the ECMS
When the ECMS processes received instructions it assigns them different status codes depending on the process stage reached (e.g. matched). This document provides an overview of the various instructions (e.g. mobilisation of marketable assets) and the relevant status codes assigned by the ECMS. The ECMS sends corresponding A2A messages to inform about the status achieved in each case. U2A users can view the status of instructions via the ECMS GUI.

External link

Status codes in the ECMS

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Business rules in the ECMS
When the ECMS processes instructions sent to the ECMS, business rules are used to perform different validations. This document provides counterparties, CSDs and TPAs with a comprehensive list of the business rules in the ECMS and the corresponding reply text fields that may be sent to the sender of the message or file.

External link

Business Rules in the ECMS

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Explainer on business configurations in the ECMS
This document aims to describe the functionalities that allow a third party to act on behalf of a counterparty or provide connection to the ECMS to a counterparty.

External link

Explainer on business configurations in the ECMS

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ECMS User Handbook Counterparties
The user handbook for the monetary policy counterparties intend to support the use of future graphical user interfaces (GUI) in the ECMS. It contains detailed information on all GUI screens and step-by-step instructions on typical workflows in the ECMS.

External link

ECMS User Handbook Counterparties UHB v1.1

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Documents on technical connection

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).

Download

TARGET Services Connectivity Guide 15.03.2023 | 4CB – version 2.2

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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 (NSPs) 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.

Internal link

Further documents on ESMIG & contracts with NSPs can be found in "TARGET2/T2S Consolidation" section.

Documentation & FAQs

Further information from the ECB

Publications of the ECB
Documents and information on the ECMS

What is the Eurosystem Collateral Management System (ECMS)?

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ECMS - Professional use Important information for participants

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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. 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).

Exernal link

New policies for collateral mobilisation and settlement in englischer Sprache

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