Harmonisation initiatives Single Collateral Management Rulebook for Europe (SCoRE)

End of November 2023, the Governing Council of the ECB decided to postpone the launch of the ECMS by additional eight months. The new start date is now 18 November, 2024.

The Single Collateral Management Rulebook for Europe (SCoRE) was published in December 2019. It sets out the harmonised collateral management processes agreed by the Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo).

Thus far, the following harmonisation standards that use the ISO 20022 messaging standard have been agreed for Europe:

  • Triparty standards
    These establish common processes for interaction between all major European triparty service providers and their participants, including the Eurosystem. The aim is, in particular, to enhance the mobility of collateral between different triparty agents.
  • Billing standards
    These standards set out a single set of rules for the transmission of billing information by post-trade service providers related to custody and collateral management, including the alignment of billing frequency and costs.
  • Corporate action standards
    A first set of harmonised business processes have been endorsed for the treatment of corporate action events on debt instruments. Work on standards extending to other instruments, such as equities, is ongoing.

In order to implement these harmonisation standards, the national stakeholder groups (NSGs) of the markets represented on the AMI-SeCo have prepared “adaptation plans” and established a process for monitoring implementation progress. Twice annually, NSG members (consisting of CSDs, TPAs, custodians, issuers and CCPs) survey market participants on their progress in implementing each harmonisation standard. The AMI-SeCo has already published on the ECB’s website the SCoREBOARD Seventh Compliance & Progress Report on the Single Collateral Management Rulebook for Europe (SCoRE).