The Eurosystem Collateral Management System (ECMS)
The ECMS is a single Eurosystem platform that will process refinancing operations in real time and harmonise the management of monetary policy collateral across all euro area countries.
The ECMS will be the unified Eurosystem platform, replacing the 21 monetary policy collateral management systems currently used by Eurosystem national central banks (NCBs).
The platform will be used to settle Eurosystem credit operations. It will use harmonised procedures to manage assets pledged as collateral by credit institutions to NCBs, both for these credit operations and for the intraday credit line.
It is designed to enhance the effectiveness of national and cross-border collateral mobilisation and liquidity management in order to consolidate Europe’s financial market infrastructure.
The Governing Council of the European Central Bank validated the launch of the ECMS project in December 2017. It forms part of the ECB's Vision 2020 strategy, which also included the TIPS system (Target Instant Payment Settlement) and the TARGET2 Consolidation and TARGET2 Securities project, finalised in March 2023.
As part of the project headed up by the Banque de France and the Banco de España, work to pave the way for production will continue through to April 2024, the platform launch date.
The Banque de France organises cross-market gatherings with counterparties and central securities depositories (such as Euroclear) to communicate and exchange the latest information about the project, i.e. key preparation milestones, testing phases, user testing schedule, upcoming training sessions and documentation.