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href="/mopo/market-contact-groups/iid/html/index.en.html">Institutional Investor Dialogue (IID)</a></li></ul></li></ul></div></li><li class="has-subpages -section" aria-expanded="false"><a href="/paym/html/index.en.html">Payments & financial stability</a><a href="#" class="subpages" title="toggle subpages for Payments & financial stability"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Payments & financial stability</div> <p>Insights into our work on financial stability and payments and market infrastructures</p> <a href="/paym/html/index.en.html">Overview of payments and financial stability</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digital euro</a></li> <li><a href="/press/intro/html/index.en.html">Payments news & events</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional 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href="/paym/target/t2/governance/html/index.en.html">Governance</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.en.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.en.html">Pricing</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.en.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/crossborder/html/index.en.html">Cross-border payments</a></li><li class="clearfix"><a href="/paym/target/tips/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.en.html">Facts and figures</a></li><li 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links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.en.html">ECMS documents & links</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.en.html">Integration and innovation</a><a href="#" class="subpages" title="toggle subpages for Integration and innovation"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.en.html">Distributed ledger technologies</a><a href="#" class="subpages" title="toggle subpages for Distributed ledger technologies"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.en.html">Exploratory work</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.en.html">Retail payments</a><a href="#" class="subpages" title="toggle subpages for Retail payments"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.en.html">Retail payments strategy</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.en.html">ECB as a catalyst</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.en.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.en.html">Instant payments</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.en.html">Collateral management harmonisation</a><a href="#" class="subpages" title="toggle subpages for Collateral management harmonisation"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.en.html">Implementation</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.en.html">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.en.html">Cyber resilience</a><a href="#" class="subpages" title="toggle subpages for Cyber resilience"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.en.html">Financial market infrastructures</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.en.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.en.html">Oversight</a><a href="#" class="subpages" title="toggle subpages for Oversight"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.en.html">Payment systems</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.en.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.en.html">Electronic payments</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.en.html">Securities settlement systems and central counterparties</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.en.html">Critical service providers</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.en.html">Correspondent and custodian banks</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.en.html">SecuRe Pay forum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.en.html">Reserve management services</a><a href="#" class="subpages" title="toggle subpages for Reserve management services"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.en.html">Key aspects</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.en.html">Range of services</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.en.html">Cash professionals</a><a href="#" class="subpages" title="toggle subpages for Cash professionals"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.en.html">Cash handling</a><a href="#" class="subpages" title="toggle subpages for Cash handling"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.en.html">Authentication devices</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.en.html">Recirculation of banknotes</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.en.html">Common detector interface specifications</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.en.html">Banknote manufacturer accreditation</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.en.html">Payment contact groups</a><a href="#" class="subpages" title="toggle subpages for Payment contact groups"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.en.html">Advisory groups on market infrastructures</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.en.html">Euro Cyber Resilience Board</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.en.html">Euro Retail Payments Board (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.en.html">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li class="clearfix"><span>Financial stability</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.en.html">Introduction to financial stability</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.en.html">Macroprudential Measures</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.en.html">Financial stability contact groups</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.en.html">Statistics</a><a href="#" class="subpages" title="toggle subpages for Statistics"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistics</div> <p>Access to all ECB statistics and background information</p> <a href="/stats/html/index.en.html">Overview of ECB statistics</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Main figures</a></li> <li><a href="https://data.ecb.europa.eu/">ECB Data Portal</a></li> <li><a href="/press/stats/html/index.en.html">Statistical releases</a></li> </ul> </div> <a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">THE ECB BLOG - Improved data: how climate change impacts banks</div> <div class="image-date">18 April 2024</div> </a> </div></div><ul><li class="clearfix"><span>Frequently accessed</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.en.html">Euro exchange rates</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.en.html">Key ECB interest rates</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.en.html">Euro short-term rate (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro short-term rate (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.en.html">Interest rate benchmarks</a><a href="#" class="subpages" title="toggle subpages for Interest rate benchmarks"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.en.html">Working group on euro risk-free rates</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.en.html">Inflation</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.en.html">Euro area yield curves</a></li><li class="clearfix"><span>All statistics & background</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.en.html">All key statistics</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.en.html">All data services</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.en.html">Data reporting & standards</a><a href="#" class="subpages" title="toggle subpages for Data reporting & standards"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.en.html">Governance and quality framework</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.en.html">Co-operation and standards</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.en.html">Banks’ data reporting</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.en.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.en.html">AnaCredit Q&A</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.en.html">Public consultations</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.en.html">Banking industry dialogue on ESCB statistics and integrated reporting</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.en.html">SDMX – statistical data exchange model</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.en.html">INEXDA - granular data network</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.en.html">The euro</a><a href="#" class="subpages" title="toggle subpages for The euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">The euro</div> <p>All you need to know about our common currency</p> <a href="/euro/html/index.en.html">Overview of the euro</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Cash professionals</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Banknote and coins statistics</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro exchange rates</a></li> </ul> </div> <a href="/stats/ecb_surveys/space/html/ecb.space2024~19d46f0f17.en.html" class="item image"> <img src="/euro/shared/img/cover.png" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Study on the payment attitudes of consumers in the euro area (SPACE) – 2024</div> <div class="image-date">19 December 2024</div> </a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.en.html">Digital euro</a><a href="#" class="subpages" title="toggle subpages for Digital euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.en.html">What it is</a><a href="#" class="subpages" title="toggle subpages for What it is"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.en.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.en.html">How it works</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.en.html">Why we need it</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.en.html">Timeline and progress</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.en.html">In-depth information</a><a href="#" class="subpages" title="toggle subpages for In-depth information"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.en.html">Governance and stakeholder engagement</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.en.html">Technical documents and research</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.en.html">Scheme rulebook</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><span>Cash</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.en.html">The Eurosystem cash strategy</a><a href="#" class="subpages" title="toggle subpages for The Eurosystem cash strategy"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.en.html">The role of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.en.html">Issuance and circulation</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.en.html">Access to and acceptance of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="has-subpages"><a 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aria-hidden="true"><img src="" id="addsearch-image" alt="" /></div> </div> </div> </div> </div> <div id="main-wrapper" > <div class="header fast image-attribution -small" data-image-webp="/paym/shared/img/header.webp" data-image="/paym/shared/img/header.jpg"> <div data-image="/paym/shared/img/header.jpg" data-image-webp="/paym/shared/img/header.webp" ></div> </div> <aside aria-label="Social media sharing and related content (if available)"> <div id="ecb-social-sharing" class="" tab-index="2"> <ul class="-links"> <li class="-print"><a href="javascript:window.print()" title="Print page"></a></li> </ul> <div class="-separator"></div> <ul class="-links"> <li class="-twitter"><a href="javascript:window.open('https://twitter.com/intent/tweet?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on X"></a></li> <li class="-facebook"><a href="javascript:window.open('https://www.facebook.com/sharer/sharer.php?u='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on Facebook"></a></li> <li class="-linkedin"><a href="javascript:window.open('https://www.linkedin.com/shareArticle?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on LinkedIn"></a></li> <li class="-email"><a href="javascript:window.open('mailto:?subject=I would like to share this link with you&body=Link to the website of the European Central Bank: '+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''))" title="Share by Email"></a></li> </ul> </div> </aside> <main >  <div class="title"> <h1>What is the Eurosystem Collateral Management System (ECMS)?</h1> </div> <div class="section"> <p>The Eurosystem Collateral Management System (ECMS) is a unified system for managing assets used as collateral in Eurosystem credit operations. Its launch is planned for 16 June 2025. Read more details in the corresponding <a href="/press/intro/news/html/ecb.mipnews241024.en.html">news item</a>.</p> <p>Together with the other <a href="/paym/target/html/index.en.html">TARGET Services</a> that the Eurosystem offers – and making use of the components it shares with those services – the ECMS will ensure that cash, securities and collateral flow freely across Europe. </p> <p>The ECMS will be made available through the Eurosystem single market infrastructure gateway, along with the other TARGET Services. </p> <h2>Why the ECMS?</h2> <p>The ECMS will replace the existing systems of the national central banks of the euro area that are currently used to manage assets used as collateral for Eurosystem credit operations.</p> <p>Although all the existing systems adhere to the same set of rules on the use of collateral (as set out in the <a href="https://eur-lex.europa.eu/search.html?&statSubType=MONETARY_POLICY&type=statistics&statType=ECB&sortOne=DD&sortOneOrder=desc&sortOneOrder=desc" class="link-inline">Eurosystem legal framework for monetary policy instruments</a> which consists of the “<a href="https://eur-lex.europa.eu/search.html?VV=true&CT_4_CODED=c_726ab1b3&SUBDOM_INIT=ECB_ACTS&DB_AUTHOR=ecb&DTS_SUBDOM=ECB_ACTS&typeOfActStatus=OTHER&type=advanced&DTC=false&isEcbCourtSearch=null&orFM_CODEDGroup=FM_CODED%3DDEC_ENTSCHEID%2CFM_CODED%3DDEC%2CFM_CODED%3DREG%2CFM_CODED%3DGUIDELINE&sortOneOrder=desc&sortOne=DD&DTS_DOM=EU_LAW&REP=REP&lang=en">General framework</a>” and the “<a href="https://eur-lex.europa.eu/search.html?VV=true&CT_4_CODED=c_594e5232&SUBDOM_INIT=ECB_ACTS&DB_AUTHOR=ecb&DTS_SUBDOM=ECB_ACTS&typeOfActStatus=OTHER&type=advanced&DTC=false&isEcbCourtSearch=null&orFM_CODEDGroup=FM_CODED%3DDEC_ENTSCHEID%2CFM_CODED%3DDEC%2CFM_CODED%3DREG%2CFM_CODED%3DGUIDELINE&sortOneOrder=desc&sortOne=DD&DTS_DOM=EU_LAW&REP=REP&lang=en">Temporary framework</a>”), each one is maintained individually.</p> <p>This means that each Eurosystem national central bank implements changes to the legal framework separately, leading to a duplication of effort and making it more likely that the rules will be applied differently in different countries. This in turn could affect the level playing field that monetary policy counterparties should enjoy.</p> <p>Replacing the current fragmented and decentralised structure is in line with other Eurosystem initiatives aimed at developing common platforms and systems that work across the euro area to further consolidate and simplify the provision of market infrastructure services.</p> <div class="image-content"> <div class="content"> <img alt="" src="index/EMCS_20 to 19_Sep2024_1920x1080.png"> </div> </div> <p>The implementation of the ECMS is expected to deliver considerable benefits to the Eurosystem, its counterparties and to the market more widely, including:</p> <ul> <li><strong>Harmonisation</strong> <ul> <li><strong>for all national central banks</strong> via the single and simultaneous implementation of the collateral framework and framework changes </li> <li><strong>for counterparties</strong>, who will no longer need to interact with different local collateral management systems </li> <li><strong>for the market</strong>, by providing a single system for managing the pools of assets used as collateral in Eurosystem credit operations</li> </ul> </li> <li>Operational and cost <strong>efficiency </strong>through the implementation of changes in a single system</li> <li>Contribution to <strong>financial integration</strong> and fostering of the capital markets union </li> </ul> <h2>How does it work?</h2> <p>The ECMS keeps track of the individual collateral and credit positions of national central banks’ counterparties.</p> <p>It does this by using data sourced from central securities depositories, triparty agents and ECB/Eurosystem databases and/or applications. The ECMS calculates the credit line available to each counterparty and sends this information to the central liquidity management tool.</p> <p>Counterparties’ mobilisation instructions are converted into settlement instructions which are sent to and settled in TARGET2-Securities (T2S). </p> <p>The ECMS handles corporate actions, triparty instructions and the mobilisation of credit claims in a harmonised way. </p> <div class="image-content"> <div class="content"> <img alt="" src="index/ECMS_overview_1240px.png"> </div> </div> <h2>Timeline</h2> <p>The realisation phase started in December 2017 and will end when the new system is launched on 16 June 2025. </p> <p>Migration to the new system will take a “big-bang” approach. This means that all interaction related to collateral management between national central banks and their communities (counterparties, central securities depositories and triparty agents) will be carried out using the ECMS from the migration date onwards.</p> <p>Relevant collateral and credit positions will also be transferred from national central banks’ systems and made available in the ECMS from that date.</p> <p>National central banks’ communities may also need to adapt their systems to be ready to use the ECMS. National central banks will conduct testing activities with their communities before the launch to ensure that they are ready to migrate to the new system. Further information on the ECMS’ functionalities will be provided at the appropriate time.</p> <p>The ECB has published a <a href="/paym/target/target-professional-use-documents-links/ecms/html/index.en.html">Business Description Document, Info Pack and other technical documentation</a> to assist counterparties, central securities depositories and triparty agents in adapting their systems.</p> <p>The new system will not alter existing business and legal relationships between counterparties and national central banks – counterparties, central securities depositories and triparty agents will still contact their usual interlocutors at the relevant national central bank, and national central banks will continue to collect counterparties’ bids in Eurosystem credit operations.</p> <p>The <a class="-inline-icon-link -external-link-1" href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2019.032.01.0014.01.ENG&toc=OJ:L:2019:032:TOC">Market Infrastructure Board</a>, the 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