Progress on AMI-SeCo Single Collateral Management Rulebook for Europe and Eurosystem Collateral Management System


Further to Announcements C20036 and C20052, Clearstream Banking1 would like to inform customers about the ongoing activities regarding the implementation of the AMI-SeCo Single Collateral Management Rulebook for Europe (SCoRE) Standards and Eurosystem Collateral Management System (ECMS).

Impact of the implementation timeline adjustment for SCoRE and ECMS on Market participants

As previously advised, the Governing Council of the European Central Bank (ECB) and the Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo) have decided to postpone the implementation of ECMS and SCoRE respectively to November 2023. The revised timeline reflects the recent Covid-19 related delays in the roadmaps of various European financial market infrastructure initiatives, which are interdependent.

These changes will result in a review and re-planning of Clearstream delivery timeline, which, due to a need to align with other initiatives, is expected to be completed in Q1 2021. We will provide more details of impacts to market participants at that time.

Impact on Clearstream`s ECMS Initiatives

The postponement of both above timelines will extend the implementation periods of ECMS and SCoRE for all actors and may also impact other projects. Our review will include the planning of dependencies on other market and Clearstream initiatives such as:

  • T2 / T2S Consolidation
  • Collateral Mobility Initiative, resulting in one harmonized collateral platform with ECMS
  • Asset Services Harmonisation Initiative, replacing CBF Legacy processing of Corporate Actions and Meetings with OneClearstream service offering
  • And in particular, implementation of ISO 20022

The revised planning will seek to avoid “big-bang” releases wherever possible and minimise impacts on customers.

Current Progress on Clearstream`s ECMS Programme

As a Member of the Collateral Management Harmonisation Task Force (CMH-TF) and its Expert Groups, that formulate and monitor the implementation of the SCoRE standards, Clearstream continues to actively take part in discussions and represent our customers interests in the best way possible.

In the meantime, we have completed our initial Impact Analysis and Scope Definition within our internal programme of work. We plan to make more detailed information regarding specific customer impacts available around mid-2021.

An in-depth analysis of all applicable SCoRE Standards has also commenced to identify all business requirements for our internal Triparty Collateral Management, Corporate Actions and Billing processes in order to comply with the standards and, the draft of internal business requirements is progressing according to plan.

For Triparty Collateral Management, we are defining an adapted GC Pooling and NCB Pledge model to meet Eurosystem requirements. An impact analysis is now ongoing for each customer as part of a tailored approach and communication strategy for 2021.

Your Support by Clearstream

As mentioned above, more detailed information regarding our revised timeline and customer impacts will be provided as soon as the information becomes available.

It is important for us to recognize our customers needs, potential risks, problems or difficulties, and we plan pro-active communications to assist with this process.

To support you during the implementation of SCoRE and ECMS, we will plan customer workshops, training and informational events, and regular updates on progress will be provided via our publications.

Should you have questions or require 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.