Test and Migration
In early December 2022, due to the postponement of the TARGET2/T2S consolidation, 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.
With the introduction of ECMS on April 8, 2024, the management of eligible collateral for Eurosystem monetary policy credit operations will be integrated on a single and central technical platform. In order to ensure a smooth migration from the Collateral Management Systems currently used to the ECMS, extensive testing and migration preparations are required.
Test and Migration planning in the Eurosystem
The test and migration preparation for the ECMS is in the responsibility of an internal Eurosystem working group in which, in addition to the ECB and the 4CBs, the central banks participating in the ECMS common platform are also represented. This working group develops the plans necessary for the test and migration phase as well as detailed plans for the "pre-migration phase" and the migration weekend itself.
A central document in this respect is the "Strategy for ECMS Migration and Testing". In addition to general information on migration and testing principles that must be observed, this basic document describes the testing and migration phases as well as the roles and responsibilities that future ECMS users such as central banks, CSDs/TPAs and monetary policy counterparties will assume during testing and migration. In this context, dependencies of the ECMS users have to be taken into account. The document also lists how ECMS users can verify that their internal systems are adapted to the ECMS. This is the only way to carry out the necessary migration tests. It also contains information on communication between ECMS users to ensure good and efficient coordination of testing and migration execution during the testing and migration period.
Central role of the national central banks
The national central banks closely accompany the participants in the test and migration preparation, the actual test execution as well as during the migration. The direct contact for the German user community is the Deutsche Bundesbank.
Documents prepared by the Eurosystem and relevant for our monetary policy counterparties for the test and migration phase will be made available here. The forms required for participation in the ECMS will also be made available here.
On 27.01.2023 the ECB published an overview document on the ECMS user testing replanning. Please note that the milestone adjustment and the migration planning are not yet finalised for the new go-live date in April 2024. Further information on user testing will be sent separately to the Bundesbank's monetary policy counterparties.