Implementation of SCoRE Standards and readiness for ECMS: Impact on issuers and issuer agents


Clearstream Banking1 informs issuers and issuer agents about the impact of the implementation of the AMI-SeCo Single Collateral Management Rulebook for Europe (SCoRE) Standards and connection to the Eurosystem Collateral Management System (ECMS) planned on

8 April 2024

Information relevant to issuers and issuer agents is included in the attached document, which is also available on the dedicated ECMS and SCoRE Implementation web page. Issuers and issuer agents are invited to examine this information, as well as the SCoRE Standards and details on ECMS which are published on the ECB website, and assess the impact on their activities.



The Advisory Group on Market Infrastructure for Securities and Collateral (AMI-SeCo) set up the Harmonisation Subgroup (HSG) as part of the Eurosystem Single Market in Europe mandate, to foster harmonisation and integrated financial market infrastructures within the EU. The HSG established the Collateral Management Harmonisation Task Force (CMH-TF) to produce the SCoRE, starting with the following three of ten identified collateral management harmonisation areas:

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


For Eurosystem central banks, ECB’s Eurosystem Collateral Management System (ECMS) will manage eligible assets as collateral in Eurosystem credit operations, thereby establishing harmonised functions and services for the Eurosystem and its counterparties. Collateral pledged to central banks will be held in T2S. ECMS will be SCoRE compliant, meaning that non-compliance with SCoRE Standards may result in assets being non-eligible for collateral management activity in ECMS.

Further information

Should you have questions or require further information please contact


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.