Eurosystem Collateral Management System and Single Collateral Management Rulebook for Europe


Clearstream Banking1 would like to inform customers of changes as a result of the forthcoming implementation of SCoRE and ECMS. In 2017, the Advisory Group for Market Infrastructure for Securities and Collateral (AMI-SeCo) announced the Single Collateral Management Rulebook for Europe (SCoRE). This initiative aims to harmonise ten functional areas within Collateral Management, Asset Services and Billing. Further details can be found on the ECB website.

At the same time, the ECB will develop the Eurosystem Collateral Management System (ECMS), using the Eurosystem Shared Applications Platform (ESAP). ECMS will replace all existing separate National Central Bank (NCB) platforms for Collateral Management that are currently used to manage assets used as collateral for Eurosystem credit operations. 

The original launch date for these initiatives was November 2022. However, on 28 July 2020, the ECB announced that as a result of the delay to the T2/T2S Consolidation Project of one year, the ECMS launch would be delayed until June 2023 at the earliest, with the new date set to be confirmed by October 2020 following further investigations.

These two initiatives will impact Clearstream Banking services both as a Tri-Party Agency (TPA) and as a (I)CSD, with cascading effect on market practices requiring adaptation to comply with the new standards. Clearstream Banking is an active member of various industry and standards groups such as:

  • Collateral Management Harmonisation Task Force (CMH-TF);
  • Expert groups and National Stakeholder Groups (NSGs);
  • Securities Market Practice Group (SMPG);
  • European Central Securities Depository Association (ECSDA);
  • International Capital Market Services Association (ICMSA); and
  • Other industry associations.

This allows Clearstream Banking to represent its customers and their interests in the best way possible.

Impact on customers

The advent of SCoRE and ECMS aligns with Clearstream Banking’s ongoing OneClearstream initiatives. The new standards set by SCoRE and the implementation of ECMS mean that some changes are required to comply and operate within the new environment. Clearstream Banking expects to comply with SCoRE standards and facilitate the migration to ECMS by the targeted launch date, intending to make every effort to minimise the impact on customers as far as possible during these changes.

As we are still in the analysis stage, we are able to provide a high-level view of impacts as follows.

Documentation for the SCoRE Standards, endorsed by AMI SeCo and various industry associations during the course of 2019 and published in December 2019, has so far been released for the following topics:

  • Triparty Collateral Management;
  • Corporate Actions;
  • Billing processes.

These documents can be found on the ECB website under Payments and Markets Publications. Together, they provide full details of the standards that must be applied after the targeted launch date.

Both SCoRE and ECMS will see wide implementation of ISO 20022 messages, which Clearstream Banking will support and customers can optionally adopt in co-existence with ISO 15022 messages, although different service levels may apply.

Customers who also manage collateral bilaterally with the NCBs, will need to adapt in order to communicate with ECMS platform. These communications will be performed via ESMIG (Eurosystem Single Market Infrastructure Gateway) for Bilateral Collateral Management activity, Corporate Actions and Billing using A2A (ISO 20022) or U2A access only. ISO 15022 will not be supported. Customers should contact their NCBs for full details regarding Bilateral Collateral Management impacts.

All customers, including issuers and issuer agents, will experience potential impact to a greater or lesser extent, however Clearstream Banking is already compliant with many of the new standards. Those who participate in Monetary Policy operations will be impacted by Collateral Management changes. However, all customers may be impacted by changes to Corporate Actions processes.

Triparty Collateral Management Services

  • One Collateral Management System for Clearstream Banking AG (CBF) and Clearstream Banking S.A. (CBL) customers will be implemented, resulting in a seamless customer experience for both T2S settlement and Collateral Management. This platform will be adapted to comply with SCoRE Standards and communicate with ECB’s ECMS platform. As a result, Xemac will be decommissioned, together with the ECMS launch at the latest.
  • Collateral pledged to central banks is anticipated to be held in T2S.
  • Clearstream Banking will be providing GUI for the access to ECMS via Bundesbank for Monetary Policy Pledges (SIPO1, SIPO3).
  • Earmarking currently used for pledges in Xemac will be replaced by settlement movements.
  • Access for pledges to other National Central Banks (NCBs) is anticipated.
  • A GC Pooling model will be adapted to meet Eurosystem requirements in order to ensure compliance with Eurosystem rules or compatibility with the changing environment.
  • Optimisation possibilities will increase across collateral pools (ICSD and T2S).
  • Newly defined ISO 20022 messages will be available for all Triparty Collateral Management Communications with Clearstream Banking. Usage of ISO 20022 for customers will be optional but there may be minor updates required to ISO 15022 messages, resulting in impacts to the subscription process.
  • Initiation of transactions will initially be for an exposure of zero, after which increments can be made to increase the exposure.
  • Future dated Cancellation and Closure Requests will be accepted.
  • Potential changes to account structure.
  • New and revised Reporting on Flows and Reporting on Stocks will be made available in ISO 20022 format.

Corporate Actions

  • Asset Services processes, including those for GC Pooling and NCB pledge securities, will be adapted to comply with the new standards. For CBF customers, the legacy processing of corporate actions and meetings (for example, CBF-issued securities) will be replaced by the OneClearstream service offering.
  • A full set of ISO 20022 messages will be available to customers for Corporate Action and Meetings/Proxy voting2 services. The usage of ISO 20022 for customers will remain optional but there may be some updates required to their associated processes and the formats of equivalent ISO 15022 messages.
  • Implementation of additional event types.
  • Amendment of rounding rules.
  • Modification to handling and reporting of negative cash flows for markets supporting this.
  • Adaptation of business day rules.
  • Harmonisation of securities amount data.
  • Notifications on delayed Corporate Actions will be implemented.
  • Blocking rules will be harmonised.

Please note that the applicability of some standards (for example, business day rule, payment time) is still under discussion, as well as clarification of tax processes and any impacts, will be communicated in due course.

Billing processes

ISO 20022 messages compliant with SCoRE Billing Standards will be communicated if applicable.

Further information

Clearstream Banking is currently completing the Impact Analysis, Scope and Requirements Definition to deploy the best possible solutions for its customers.

We are also analysing the further impacts of the delay of the ECMS Project to our own programme of work and to the implementation of AMI SeCo SCoRE Standards in general.

More detailed information regarding customer impact and services will be provided during the second half of 2020.

For further information please contact, Clearstream Banking Client Services or your Relationship Manager.


1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.

2. The changes to Meeting/Proxy voting will be implemented prior to Nov 2022 as part of the Shareholder Rights Directive II adaptations.