ECMS postponed to November 2024

Read the European Central Bank (ECB)’s publication.

What is the objective of the ECMS?

The ECMS is a unified system across National Central Bank (NCB) in Europe for managing assets used as collateral in Eurosystem credit operations.

The ECMS will bring harmonised and modernised communication protocol and practices accelerating EU financial integration.

Why has the ECMS been postponed?

The decision, taken by the Governing Council of the ECB, follows an assessment by the ECB’s Market Infrastructure Board, which found that users need more time to complete testing of the ECMS functionalities in a stable environment.

The additional time will ensure greater system stability and user readiness. It will also facilitate a smooth migration to the new platform; The NCB will ensure that the participants' tests are carried out properly and that they are progressing to meet the milestones set in the new timetable..

At this stage, no official announcement has been made by the ECB on the timetable for adopting the SCoRE (Single Collateral Management Rulebook for Europe) standards, but it is expected, on the basis of several discussions within the working groups, that adaptation to these standards will be in line with the ECMS changeover (November 2024) with the possibility given to Infrastructures and market entities that will be ready by April 2024 to anticipate implementation.