Progress on AMI-SeCo Single Collateral Management Rulebook for Europe and Eurosystem Collateral Management System - Update II
Note: This announcement, originally published on 1 December 2023 and updated on 15 December 2023, has been further updated to include the implementation timeline for the SCoRE Corporate Action Standards.
Further to Announcements D23025 and D23040, Clearstream Banking1 informs its clients on an update to the implementation of the AMI-SeCo Single Collateral Management Rulebook for Europe (SCoRE) Standards and Eurosystem Collateral Management System (ECMS).
The Governing Council of the European Central Bank (ECB) decided to postpone the launch date of the ECMS from 8 April 2024 to 18 November 2024. The SCoRE Standards will be implemented by 18 November 2024, in line with the ECMS go-live date.
Clients can find further information on the ECB website.
Regarding the implementation of SCoRE Standards and related impacts on clients (see also functional specifications attached to this announcement):
Corporate Actions
The SCoRE Corporate Actions Standards will be implemented by Clearstream Banking according to the following implementation timeline:
| SCoRE CA Standard | Implementation date | Points of attention and exceptions |
SCoRE CA Standard 1: Harmonised business processes and workflows for corporate actions | 8 April 2024 | The field Gross Amount (19b::GRSS) will be reported in the MT564 Income Pre-Advice Report (IPAR) and in the MT566 Corporate Action confirmation when reported in the IPAR, from 18 November 2024. The field Maximum Quantity to Instruct (MAEX) for the Odd Lot event (ODTL VOLU) in the notification message is targeted to be implemented on 18 November 2024. |
SCoRE CA Standard 2: Provision of data necessary for calculating proceeds SCoRE CA Standard 3: Consistency of information provided by Issuer (I)CSDs, Investor (I)CSDs and custodians | 8 April 2024 | For the specific case of the Dividend Reinvestment event with interim line (DRIP CHOS), the implementation of SCoRE CA Standard 2 will be made available on 18 November 2024. A full asset servicing flow is required to process the TEFRA-D event. For the German market, such processing is targeted to be implemented on 18 November 2024. |
SCoRE CA Standard 4: Rounding rules | 18 November 2024 | |
SCoRE CA Standard 5: Negative cash flows | 8 April 2024 | |
SCoRE CA Standard 6: Business day rule | 18 November 2024 | On 8 April 2024, Clearstream Banking will start to report the Earliest Payment Date (98a::EARL) in the MT564 IPAR only when the payment date falls on a non-business day. |
SCoRE CA Standard 7: Securities amount data | No change | |
SCoRE CA Standard 8: Payment time | 18 November 2024 | |
SCoRE CA Standard 9: Notification of processing status | 18 November 2024 | |
SCoRE CA Standard 10: Elective events | 8 April 2024 | The third requirement of SCoRE CA Standard 10 “For mandatory with options corporate action events (that is, mandatory reorganisations), Issuer CSDs should ensure settlement does not occur after the market deadline” will require the handling of new transformation instructions for such type of events. Such processing is targeted to be implemented on 18 November 2024. |
SCoRE CA Standard 11: Availability of default options | 8 April 2024 | |
SCoRE CA Standard 13: Reversal of a corporate action | 8 April 2024 | |
SCoRE CA Standard 14: Processing of foreign currency payments | No change | |
SCoRE CA Standard 15: ISO 20022 messages for corporate actions | 18 November 2024 |
Clearstream Banking will communicate with ECMS in ISO 20022 format. Regarding communication between Clearstream Banking and its clients, enhancements to existing messages in ISO 15022 format resulting from the implementation of SCoRE will be implemented as originally planned on 8 April 2024, while communication between Clearstream Banking and its clients in ISO 20022 format (see SCoRE CA Standard 15) will be made available from 18 November 2024, in line with the ECMS go-live date. Clearstream Banking will continue to support communication with clients in ISO 15022 format in coexistence with ISO 20022 format after the ECMS go-live date until further notice.
Triparty Collateral Management
Clearstream Banking will communicate with ECMS in ISO 20022 format. Following client consultation, communication between Clearstream Banking and its clients will remain in ISO 15022 format after the ECMS go-live date of 18 November 2024.
Further information
For 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.