Progress on AMI-SeCo Single Collateral Management Rulebook for Europe and Eurosystem Collateral Management System - Update IV
Note: This announcement, originally published on 1 December 2023 and updated on 15 December 2023, 15 February 2024, and 10 June 2024 has been further updated to inform that the ECMS launch date has been postponed until the first half of 2025.
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 ECB’s Governing Council has decided to reschedule the launch of ECMS to the first half of 2025, following an assessment conducted by the ECB Market Infrastructure Board (MIB).
The MIB concluded that "additional time was required to achieve sufficient readiness for a smooth go-live, despite the good progress made in the testing phase over the summer. The rescheduling will support national central banks of the euro area and the counterparties that will be joining the ECMS by enabling them to achieve sufficient testing coverage in a stable environment to ensure their readiness by the revised go-live date”.
Clients can find further information on the ECB website.
The revised launch date will be communicated in October 2024. Clearstream Banking will update clients when the new go-live date is confirmed.
Clearstream Banking will assess whether the postponement of ECMS will impact its implementation of the SCoRE Standards and will update clients in due course.
Corporate Actions
The SCoRE Corporate Actions Standards will be implemented by Clearstream Banking according to the following implementation timeline (subject to review following the announcement of 25 September 2024 regarding the ECMS launch date postponement):
| SCoRE CA Standard | Implementation date | Points of attention and exceptions |
SCoRE CA Standard 1: Harmonised business processes and workflows for corporate actions | 8 April 2024/18 November 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 (implementation date to be reviewed following postponement of ECMS launch date). 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 (implementation date to be reviewed following postponement of ECMS launch date). |
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 | n/a | |
SCoRE CA Standard 8: Payment time | 18 November 2024 | |
SCoRE CA Standard 9: Notification of processing status | 18 November 2024 | Implementation date to be reviewed following postponement of ECMS launch date. |
SCoRE CA Standard 10: Elective events | 8 April 2024/18 November 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 (implementation date to be reviewed following postponement of ECMS launch date). |
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 | n/a | |
SCoRE CA Standard 15: ISO 20022 messages for corporate actions | 18 November 2024 | Implementation date to be reviewed following postponement of ECMS launch date. |
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 in line with the ECMS go-live date (date to be confirmed). 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.
For more information on Clearstream Banking's offering for Triparty Collateral Management and Bilateral Collateral Management, please refer to the attached ECMS Guide.
Further information
For further information please contact ECMS.programme@clearstream.com, 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.