Progress on AMI-SeCo Single Collateral Management Rulebook for Europe and Eurosystem Collateral Management System - August 2022

17.08.2022

As part of our regular communications, and further to Announcement C21038, Clearstream Banking1 updates customers about the impacts regarding the implementation of the AMI-SeCo Single Collateral Management Rulebook for Europe (SCoRE) Standards and Eurosystem Collateral Management System (ECMS).

Impact of Clearstream Banking's services to customers

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.

The AMI-SeCo Standards will implement specific changes in areas such as triparty collateral management, asset servicing and billing as well as the introduction of the new ISO 20022 messaging standard based on the new data structures.

Clearstream Banking expects to comply with SCoRE standards wherever possible and facilitate the migration to ECMS by the targeted launch date, while making every effort to minimise the impact on customers during these changes. Current plans are to implement both – SCoRE and ECMS in November 2023.

All customers, including issuers and issuer agents, will be required to review potential impact to a greater or lesser extent, however Clearstream Banking is already compliant with many of the new standards today, limiting the impact to customers. 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.

If customers do not use a TPA for collateral management, and intend to communicate directly with the ECMS, message exchange with ECMS will need to be based on ISO 20022 message standards. Further information can be obtained from your Central Bank.

Further information is included within the attached Functional Specification document.

Further information

Should you have questions or require further information please contact ECMS.programme@clearstream.com, Clearstream Banking Client Services or your Relationship Manager.

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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.