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href="/mopo/coll/risk/ecaf/html/index.da.html">Eksterne kreditvurderingsbureauer</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.da.html">Risikokontrol</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.da.html">Haircutkategorier</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.da.html">Værdiansættelse</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.da.html">Initivativet på enkeltlånsniveau</a><a href="#" class="subpages" title="toggle subpages for Initivativet på enkeltlånsniveau"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.da.html">Dataskabeloner</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.da.html">Godkendelseskrav</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.da.html">Ofte stillede spørgsmål</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.da.html">Kontaktpersoner</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.da.html">Nuværende økonomiske forhold</a><a href="#" class="subpages" title="toggle subpages for Nuværende økonomiske forhold"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.da.html">Økonomisk politik</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.da.html">Finanspolitik</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.da.html">Udenrigshandel</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.da.html">Effektive valutakurser</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.da.html">Finansiel struktur</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.da.html">Finansielle markeder</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.da.html">Finansielle formidlere</a></li><li class="clearfix"><a 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href="/mopo/market-contact-groups/iid/html/index.da.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.da.html">Betalinger & finansiel stabilitet</a><a href="#" class="subpages" title="toggle subpages for Betalinger & finansiel stabilitet"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Betalinger og finansiel stabilitet</div> <p>Nærmere om, hvordan vi arbejder med finansiel stabilitet og betalinger og markedsinfrastrukturer</p><a href="/paym/html/index.en.html">Overblik over betalinger og finansiel stabilitet</a><hr> <div class="nav-title">Kviklink</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">En digital euro</a></li> <li><a href="/press/intro/html/index.en.html">Betalinger, nyheder & arrangementer</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">Target – dokumenter og link for fagfolk</a></li> </ul> </div><a href="/pub/financial-stability/fsr/html/index.en.html" class="item image"> <img src="/paym/financial-stability/html/index/fsr_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Seneste "Financial Stability Review"</div> <div class="image-date">16. maj 2024</div></a></div></div><ul><li class="clearfix"><span>Betalinger</span></li><li class="has-subpages"><a href="/paym/target/html/index.da.html">Target Services</a><a href="#" class="subpages" title="toggle subpages for Target Services"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.da.html">Fælles funktioner</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.da.html">T2</a><a href="#" class="subpages" title="toggle subpages for T2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.da.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.da.html">Governance</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.da.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.da.html">Governance</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.da.html">Fakta og tal</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.da.html">Prisfastsættelse</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.da.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.da.html">Cross-border payments</a></li><li class="clearfix"><a href="/paym/target/tips/governance/html/index.da.html">Governance</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.da.html">Fakta og tal</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.da.html">Tilslutning</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.da.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.da.html">Target-dokumenter & -link til fagfolk</a><a href="#" class="subpages" title="toggle subpages for Target-dokumenter & -link til fagfolk"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.da.html">Til professionel brug</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.da.html">T2-dokumenter & -link</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.da.html">Beregnet for fagfolk</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.da.html">Beregnet for fagfolk</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.da.html">Beregnet for fagfolk</a></li></ul></li></ul></li><li class="has-subpages -section"><a href="/paym/integration/html/index.da.html">Integration og innovation</a><a href="#" class="subpages" title="toggle subpages for Integration og innovation"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.da.html">Distributed ledger-teknologier</a><a href="#" class="subpages" title="toggle subpages for Distributed ledger-teknologier"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.da.html">Forskningsarbejde</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.da.html">Detailbetalinger</a><a href="#" class="subpages" title="toggle subpages for Detailbetalinger"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.da.html">Strategi for detailbetalinger</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.da.html">ECB som katalysator</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.da.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.da.html">Straksbetalinger</a></li></ul></li><li class="has-subpages -section"><a href="/paym/integration/collateral/html/index.da.html">Harmonisering af forvaltningen af sikkerhed</a><a href="#" class="subpages" title="toggle subpages for Harmonisering af forvaltningen af sikkerhed"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.da.html">Gennemførelse</a></li><li class="clearfix -current"><a href="/paym/integration/collateral/faq/html/index.da.html">Ofte stillede spørgsmål</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.da.html">Cyberrobusthed</a><a href="#" class="subpages" title="toggle subpages for Cyberrobusthed"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.da.html">Finansielle markedsinfrastrukturer</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.da.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.da.html">Overvågning</a><a href="#" class="subpages" title="toggle subpages for Overvågning"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.da.html">Betalingssystemer</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.da.html">Target2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.da.html">Elektroniske betalinger</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.da.html">Værdipapirafviklingssystemer og centrale modparter</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.da.html">Kritiske serviceleverandører</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.da.html">Korrespondentbanker og depotbanker</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.da.html">Forummet SecuRe Pay</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.da.html">Tjenesteydelser vedrørende forvaltning af valutareserver</a><a href="#" class="subpages" title="toggle subpages for Tjenesteydelser vedrørende forvaltning af valutareserver"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.da.html">Vigtige aspekter</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.da.html">Udbud af tjenester</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.da.html">Kontanthåndterere</a><a href="#" class="subpages" title="toggle subpages for Kontanthåndterere"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.da.html">Kontanthåndtering</a><a href="#" class="subpages" title="toggle subpages for Kontanthåndtering"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.da.html">Udstyr til ægthedskontrol af pengesedler</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.da.html">Recirkulering af pengesedler</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.da.html">CDI-specifikationer</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.da.html">Godkendelse af seddelproducenter</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.da.html">Markedskontaktgrupper</a><a href="#" class="subpages" title="toggle subpages for Markedskontaktgrupper"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.da.html">Rådgivende grupper om markedsinfrastrukturer</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.da.html">Euro Cyber Resilience Board</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.da.html">Euro Retail Payments Board (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.da.html">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li class="clearfix"><span>Finansiel stabilitet</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.da.html">Finansiel stabilitet</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.da.html">Makroprudentielle tiltag</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.da.html">Kontaktgrupper vedrørende finansiel stabilitet</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.da.html">Statistik</a><a href="#" class="subpages" title="toggle subpages for Statistik"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistik</div> <p>Adgang til al ECB-statistik og baggrundsoplysninger</p><a href="/stats/html/index.en.html">Overblik over ECB's statistik</a><hr> <div class="nav-title">Kviklink</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Hovedtal</a></li> <li><a href="https://data.ecb.europa.eu/">ECB Data Portal</a></li> <li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html">Alle datatjenester</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">ECB'S BLOG - Forbedrede data: klimaændringernes effekt på bankerne</div> <div class="image-date">18. april 2024</div></a></div></div><ul><li class="clearfix"><span>Hyppigt besøgt</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.da.html">Euro valutakurser</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.da.html">ECB's officielle renter</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.da.html">Den korte eurorente (€STR)</a><a href="#" class="subpages" title="toggle subpages for Den korte eurorente (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.da.html">Rentebenchmark</a><a href="#" class="subpages" title="toggle subpages for Rentebenchmark"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.da.html">Arbejdsgruppen om risikofrie eurorenter</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.da.html">Inflation</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.da.html">Euroområdets rentekurver</a></li><li class="clearfix"><span>Al statistik og baggrund</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.da.html">Al den vigtigste statistik</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.da.html">Få adgang til vores data</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.da.html">Hovedtræk</a><a href="#" class="subpages" title="toggle subpages for Hovedtræk"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.da.html">Governance og kvalitetsrammer</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.da.html">Samarbejde og standarder</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.da.html">Bankernes datarapportering</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.da.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.da.html">AnaCredit Q&A</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.da.html">Offentlige høringer</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.da.html">Banking Industry Dialogue om ESCB-statistik og integreret rapportering</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.da.html">SDMX - model til udveksling af statistiske data</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.da.html">INEXDA - granulært datanetværk</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.da.html">Euroen</a><a href="#" class="subpages" title="toggle subpages for Euroen"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Euroen</div> <p>Alt, hvad du har brug for at vide om den fælles valuta</p><a href="/euro/html/index.en.html">Overblik over euroen</a><hr> <div class="nav-title">Kviklink</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Folk, der håndterer kontanter</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Statistik over sedler og mønter</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Eurokurser</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">Undersøgelse af betalingsadfærden hos forbrugerne i euroområdet (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.da.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.da.html">Hvad er det?</a><a href="#" class="subpages" title="toggle subpages for Hvad er det?"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.da.html">Den digitale euro og privatliv</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.da.html">Sådan virker den</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.da.html">Derfor har vi brug for den</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.da.html">Tidslinje og status</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.da.html">Detaljerede oplysninger</a><a href="#" class="subpages" title="toggle subpages for Detaljerede oplysninger"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.da.html">Ledelse og interessenter</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.da.html">Tekniske dokumenter og forskning</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.da.html">Regelsæt for projektet</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.da.html">Ofte stillede spørgsmål</a></li></ul></li><li class="clearfix"><span>Kontanter</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.da.html">Eurosystemets kontantstrategi</a><a href="#" class="subpages" title="toggle subpages for Eurosystemets kontantstrategi"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.da.html">Kontanters rolle</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.da.html">Udstedelse og cirkulation</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.da.html">Adgang til at hæve og betale med kontanter</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.da.html">Ofte stillede spørgsmål</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.da.html">Eurosedler</a><a href="#" class="subpages" title="toggle subpages for Eurosedler"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.da.html">Fremtidige eurosedler</a><a href="#" class="subpages" title="toggle subpages for Fremtidige eurosedler"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.da.html">Nydesign af eurosedlerne</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.da.html">Nuværende eurosedler</a><a href="#" class="subpages" title="toggle subpages for Nuværende eurosedler"></a><ul><li class="clearfix"><a 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href="/euro/coins/5cents/html/index.da.html">5 cent</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.da.html">2 cent</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.da.html">1 cent</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.da.html">Fælles side</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.da.html">2-euro-erindringsmønter</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.da.html">Sikkerhedselementer</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.da.html">Samlermønter</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.da.html">Overgang til eurosedler og -mønter</a><a href="#" class="subpages" title="toggle subpages for Overgang til eurosedler og -mønter"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.da.html">Kroatien (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.da.html">Litauen (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.da.html">Letland (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.da.html">Estland (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.da.html">Slovakiet (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.da.html">Cypern (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.da.html">Malta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.da.html">Slovenien (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.da.html">Den første overgang til eurosedler og -mønter i 2002</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.da.html">Omveksling af nationale sedler og mønter</a><a href="#" class="subpages" title="toggle subpages for Omveksling af nationale 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href="/euro/exchange/lv/html/index.da.html">Letland</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.da.html">Litauen</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.da.html">Luxembourg</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.da.html">Malta</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.da.html">Holland</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.da.html">Portugal</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.da.html">Slovakiet</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.da.html">Slovenien</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.da.html">Spanien</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.da.html">For blinde og svagsynede</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/pub/html/index.da.html">Forskning</a><a href="#" class="subpages" 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på dansk</div> <div class="title"> <h1>FAQs - collateral management harmonisation</h1> </div> <div class="section"> <h2>Scope</h2> </div> <div class="accordion"> <div class="header"> <div class="title">Why is the Eurosystem harmonising collateral management processes?</div> </div> <div class="content-box"> <ul> <li>To enhance the safe and efficient settlement of securities and management of collateral</li> <li>To remove barriers and inefficiencies in a holistic, consistent and detailed manner</li> <li>To meet stakeholder demands for further integration of financial markets in Europe, thereby promoting the smooth implementation of monetary policy and ensuring financial stability</li> </ul> </div> <div class="header"> <div class="title">What are the guiding principles for collateral management harmonisation?</div> </div> <div class="content-box"> <ul> <li><strong>Principle 1:</strong> Harmonisation should lead to a single pan-European collateral management rulebook for the interaction of financial market infrastructures and their users, including central banks.</li> <li><strong>Principle 2:</strong> Harmonisation should lead to messaging based on the latest international standards.</li> <li><strong>Principle 3:</strong> Harmonisation should lead to interoperability.</li> <li><strong>Principle 4:</strong> Harmonisation should lead to straight-through processing.</li> <li><strong>Principle 5:</strong> Harmonisation should remove operational impediments to availability, usage and mobility of collateral.</li> </ul> </div> <div class="header"> <div class="title">What is the Single Collateral Rulebook for Europe?</div> </div> <div class="content-box"> <p>The Single Collateral Rulebook for Europe (SCoRE) is an industry-led initiative to define harmonised rules for managing collateral in Europe. The Rulebook is comprised of standards prepared by the Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo).</p> </div> <div class="header"> <div class="title">What standards from the Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo)have already been agreed?</div> </div> <div class="content-box"> <p><a href="/paym/groups/ami/html/index.da.html" data-label="engelsk">AMI-SeCo</a> standards detailing harmonised business processes, workflows and messaging have already been agreed in the following areas:</p><ul> <li>triparty collateral management;</li> <li>corporate actions for debt instruments;</li> <li>billing processes.</li> </ul> </div> <div class="header"> <div class="title">What topics are still being addressed?</div> </div> <div class="content-box"> <p>Harmonisation work is underway in the following areas (no timelines are available yet):</p><ul> <li>corporate actions for non-debt instruments;</li> <li>taxation processes;</li> <li>bilateral collateral management;</li> <li>margin calls; </li> <li>cut-off times;</li> <li>collateral data;</li> <li>sourcing of collateral;</li> <li>non-euro-denominated collateral.</li> </ul><p>For further information, take a look at the <a href="/paym/target/tips/profuse/shared/pdf/ea6ae-ami-seco-2017-12-07-item-1.3-collateral-management-harmonisation-report.pdf">Report on Collateral Management Harmonisation</a>.</p> </div> <div class="header"> <div class="title">What is the ECMS and what does it have to do with the harmonisation agenda?</div> </div> <div class="content-box"> <p>ECMS stands for the Eurosystem Collateral Management System, which is being set up by the Eurosystem to go live in November 2022. It will replace the individual collateral management systems currently in use by Eurosystem national central banks and will be capable of managing the assets used as collateral in Eurosystem credit operations for all jurisdictions. </p> <a href="/paym/pdf/ECMS_terms_of_reference.pdf">ECMS terms of reference</a> <p>As a general principle, the ECMS will rely on harmonised processes, workflows and messaging. The project will take into account harmonisation standards endorsed by the AMI-SeCo which are relevant for the ECMS (corporate actions, triparty collateral management services, taxation processes and billing processes), as well as any follow-up regarding the work on needs identified with respect to managing Eurosystem-eligible collateral. </p> </div> </div> <div class="section"> <h2>Actors</h2> </div> <div class="accordion"> <div class="header"> <div class="title">What is the Advisory Group on Market Infrastructures for Securities and Collateral and what does it do?</div> </div> <div class="content-box"> <p> The AMI-SeCo is made up of representatives of banks active in the European Union, (international) central securities depositories, central counterparties and national central banks.</p><p>The AMI-SeCo: </p><ul> <li>facilitates an active dialogue with market participants on issues related to the clearing and settlement of securities and to collateral management;</li> <li>has proven its ability to successfully harmonise markets and monitor the implementation of detailed standards (e.g. related to <a href="/paym/target/t2s/html/index.en.html" data-label="engelsk">TARGET2-Securities</a>, or T2S);</li> <li>monitors harmonisation efforts and provides full transparency on the status of implementation efforts on a regular basis. </li> </ul> </div> <div class="header"> <div class="title">What is the AMI-SeCo’s Harmonisation Steering Group and what does it do?</div> </div> <div class="content-box"> <p> AMI-SeCo’s <a href="/paym/target/t2s/governance/html/hsg.en.html" data-label="engelsk">HSG</a> is also made up of representatives of banks active in the European Union, (international) central securities depositories, central counterparties and national central banks. </p><p>The HSG advises the AMI-SeCo on issues related to its securities and collateral management harmonisation agenda.</p> <a href="/paym/target/tips/profuse/shared/pdf/8f422-ami-seco-_2017-03-06_-_07_item_2.3_ami-seco_hsg_mandate.pdf">HSG mandate</a> </div> <div class="header"> <div class="title">What is the Collateral Management Harmonisation Task Force (CMH) and what does it do?</div> </div> <div class="content-box"> <p>The <a href="/paym/target/t2s/governance/html/cmhtf.en.html" data-label="engelsk">CMH</a> is a sub-group of the AMI-SeCo’s Harmonisation Steering Group. It, too, is made up of representatives of banks active in the European Union, (international) central securities depositories, central counterparties and national central banks. </p><p>The CMH: </p><ul> <li>analyses collateral management harmonisation with a view to presenting a detailed list of harmonisation needs and activities;</li> <li>defines harmonised business processes and workflows to address the identified harmonisation needs;</li> <li>identifies how compliance with the new AMI-SeCo standards should be measured. </li> </ul> <a href="/paym/target/tips/profuse/shared/pdf/b65de-cmh-tf-2017-08-24-1st-meeting-ami-seco-hsg-cmh-tf-item-2-cmh-tf-terms-of-reference.pdf">CMH terms of reference</a> </div> </div> <div class="section"> <h2>AMI-SeCo triparty collateral management standards</h2> </div> <div class="accordion"> <div class="header"> <div class="title">What is covered?</div> </div> <div class="content-box"> <p>A common set of processes for the interaction between European triparty service agents and their participants, including the Eurosystem. The triparty standards are part of the Single Collateral Rulebook for Europe.</p> </div> <div class="header"> <div class="title">Are different standards applied to central banks and commercial banks?</div> </div> <div class="content-box"> <p>No. The standards are applicable to the interaction of triparty service agents with both the Eurosystem and commercial banks. </p><p>Some processes are more relevant to central banks, for example:</p><ul> <li>the automated increase process for triparty transaction amounts;</li> <li>operating hours and automated unilateral removal of assets.</li> </ul><p>Other processes are more relevant to commercial banks, for example:</p><ul> <li>the possibility of future date processing;</li> <li>customised baskets agreed between the collateral giver and collateral receiver.</li> </ul> </div> <div class="header"> <div class="title">Do the standards limit triparty agents or their users?</div> </div> <div class="content-box"> <p>No. The standards ensure that triparty service agents (TPAs) offer common processes, workflows and messages for triparty collateral management. There is no restriction on TPAs offering specific market products which are not covered by the standards.</p> </div> <div class="header"> <div class="title">Who needs to implement the standards?</div> </div> <div class="content-box"> <ul> <li>Regulated (international) central securities depositories, custodians or commercial banks that act as providers of triparty services in the European Union and Switzerland</li> <li>Eurosystem central banks</li> <li>Central counterparties active in the European Union and Switzerland</li> </ul> </div> <div class="header"> <div class="title">What is the timeline for implementation?</div> </div> <div class="content-box"> <p>As of November 2022 all triparty service agents are required to offer the harmonised services described in the AMI-SeCo triparty collateral management standards. Eurosystem central banks and central counterparties have to be able to use these services. All messaging between these actors must be able to be processed in ISO 20022 format.</p> </div> <div class="header"> <div class="title">Why use ISO 20022 messaging?</div> </div> <div class="content-box"> <ul> <li>To avoid the need to deal with different messaging standards across Europe</li> <li>To be in line with the overall strategy of establishing an integrated capital markets union</li> <li>To meet upcoming legal requirements</li> <li>To support the needs of treasurers to access detailed information in real time </li> <li>To meet the needs of market stakeholders for automated processing </li> </ul><p>Triparty service agents, Eurosystem central banks and central counterparties will lead by example and introduce triparty services based on ISO 20022 messaging by November 2022.</p> </div> <div class="header"> <div class="title">Will implementation progress be monitored?</div> </div> <div class="content-box"> <p>Yes. Triparty service agents and (international) central securities depositories in the national stakeholder groups will publish implementation plans at the end of September 2019. Monitoring of implementation progress will start as of this date.</p><p>Actors will be monitored at the national level every six months.</p><p>The AMI-SeCo will publicly report on the completion of agreed milestones.</p> </div> <div class="header"> <div class="title">Will the ECMS replace the national triparty services?</div> </div> <div class="content-box"> <p>No. Triparty service agents will continue to offer triparty services to market participants and the Eurosystem. The ECMS will provide a common application which triparty agents can use in their handling of collateral provided by counterparties to the Eurosystem.</p> </div> </div> <div class="section"> <h2>AMI-SeCo corporate actions standards</h2> </div> <div class="accordion"> <div class="header"> <div class="title">What is covered?</div> </div> <div class="content-box"> <p>A common set of rules for corporate action events and business processes for debt instruments. The business processes cover bilateral interactions with the Eurosystem and all interactions with triparty agents.</p><p>Similar AMI-SeCo standards for other instruments (e.g. equities) will be developed in a second stage. </p> </div> <div class="header"> <div class="title">Are the standards in line with existing market practices and standards?</div> </div> <div class="content-box"> <p>Yes. The standards are aligned with the market standards of the Corporate Actions Joint Working Group, but are more granular and detailed. </p><p>The standards of the T2S <a href="/paym/target/t2s/governance/html/casg.en.html" data-label="engelsk">Corporate Actions Sub-group</a> (CASG) have a different scope.</p><p>The AMI-SeCo standards are in line with the existing ISO 20022 messaging standards and market practices defined by the Securities Market Practice Group. </p> </div> <div class="header"> <div class="title">What is the impact on the handling of existing securities?</div> </div> <div class="content-box"> <p>The standards introduce a single harmonised approach for corporate actions, valid both for existing and newly issued securities. Corporate action procedures should also be harmonised for existing securities, as long as this does not contravene local specifications.</p> </div> <div class="header"> <div class="title">Do the standards limit providers or users?</div> </div> <div class="content-box"> <p>No. The standards ensure common processes for a set of corporate action events between post-trade service providers and their users in the context of collateral management. There is no restriction on providers offering specific market products that are not covered by the standards.</p> </div> <div class="header"> <div class="title">Who needs to implement the standards?</div> </div> <div class="content-box"> <ul> <li>(International) central securities depositories ((I)CSDs) acting as issuer and/or investor CSDs in the European Union and Switzerland</li> <li>Providers of triparty services in the European Union and Switzerland</li> <li>Custodians acting as account servicers in the European Union and Switzerland </li> <li>Agents of issuers of debt instruments in the European Union and Switzerland</li> <li>Eurosystem central banks</li> <li>Eurosystem counterparties </li> </ul><p>If assets are held via links, investor (I)CSDs have to ensure that they can handle all corporate action events covered by the standards.</p><p>The asset currency is irrelevant and (I)CSDs that process corporate action payments denominated in a foreign currency should follow the applicable rulebook.</p><p>Other stakeholders, such as collateral providers, collateral receivers, issuers’ agents and data vendors, will also be able to use the common processes in the European Union and Switzerland. </p> </div> <div class="header"> <div class="title">What is the timeline for implementation?</div> </div> <div class="content-box"> <p><strong>November 2022</strong>, with the exception of ISO 20022 messaging, which will be implemented in two waves:</p><ul> <li>Actors involved in Eurosystem credit operations, i.e. (international) central securities depositories, Eurosystem central banks and Eurosystem counterparties, will lead by example and adopt ISO 20022 messaging in Wave 1 by November 2022.</li> <li>Other market participants will adopt the ISO 20022 messaging standard in Wave 2. The AMI-SeCo has not yet confirmed the implementation timeline for Wave 2. </li> </ul> </div> <div class="header"> <div class="title">Will implementation progress be monitored?</div> </div> <div class="content-box"> <p>Yes. Triparty service agents and (international) central securities depositories in the national stakeholder groups will publish adaptation plans in September 2019. Custodians (in their capacity as account servicers) and other stakeholders in the national stakeholder groups will review the adaptation plans and start implementation activities. Monitoring of the implementation progress will start in 2020. </p><p>The AMI-SeCo will publicly report on the completion of agreed milestones.</p> </div> <div class="header"> <div class="title">How does AMI-SeCo’s monitoring fit in with monitoring carried out by other bodies?</div> </div> <div class="content-box"> <p>Monitoring of the standards of various bodies will be conducted separately, but using synergies wherever possible. The reporting timelines and procedures will be aligned. </p> </div> <div class="header"> <div class="title">Will corporate actions be handled by the ECMS?</div> </div> <div class="content-box"> <p>The ECMS is the technical platform that Eurosystem NCBs will use to manage assets eligible as collateral in Eurosystem credit-providing and liquidity-absorbing operations. As such, it will process some categories of corporate action events, based on the AMI-SeCo corporate actions standards. </p><p>Corporate actions will continue to be handled by account servicers (e.g. (I)CSDs, TPAs and custodians), who remain responsible for interacting with account owners (e.g. Eurosystem NCBs and banks). </p> </div> </div> <div class="section"> <h2>AMI-SeCo billing processes standards</h2> </div> <div class="accordion"> <div class="header"> <div class="title">What is covered?</div> </div> <div class="content-box"> <p>A common set of billing processes for services related to securities, custody and collateral management. </p> </div> <div class="header"> <div class="title">Who needs to implement the standards?</div> </div> <div class="content-box"> <ul> <li>(International) central securities depositories ((I)CSDs) acting as issuer and/or investor CSDs in the European Union and Switzerland</li> <li>Providers of triparty services in the European Union and Switzerland</li> <li>Custodians acting as account servicers in the European Union and Switzerland </li> <li>Eurosystem central banks</li> <li>Commercial banks</li> </ul> </div> <div class="header"> <div class="title">What is the timeline for implementation?</div> </div> <div class="content-box"> <p><strong>November 2022</strong>, with the exception of ISO 20022 messaging, which will be implemented in two waves:</p><ul> <li>Actors involved in Eurosystem credit operations, i.e. (international) central securities depositories, Eurosystem central banks and Eurosystem counterparties, as well as all triparty agents, will lead by example and adopt ISO 20022 messaging in Wave 1 by November 2022.</li> <li>Other market participants will adopt the ISO 20022 messaging standard in Wave 2. The AMI-SeCo has not yet confirmed the implementation timeline for Wave 2.</li> </ul> </div> <div class="header"> <div class="title">Why use ISO 20022 messaging?</div> </div> <div class="content-box"> <ul> <li>To avoid the need to handle different messaging standards across Europe</li> <li>To be in line with the overall strategy of establishing an integrated capital markets union</li> <li>To meet current and upcoming legal requirements, for example the reporting requirements for transactions defined in the Regulation on Transparency of Securities Financing Transactions, the European Market Infrastructure Regulation, etc.</li> <li>To meet the needs of market stakeholders for automated and real-time processing </li> </ul> </div> <div class="header"> <div class="title">Will implementation progress be monitored?</div> </div> <div class="content-box"> <p>Yes. Triparty service agents and (international) central securities depositories in the national stakeholder groups will publish adaptation plans in September 2019. Custodians (in their capacity as account servicers) and other stakeholders in the national stakeholder groups will review the adaptation plans and start implementation activities. 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Det gør vi ved hjælp af de anonyme data, vi får fra cookies.<br> <a href="/home/data-protection/privacy-statements/website/html/index.da.html" class="arrow">Her kan du læse om ændringerne i vores privatlivspolitik</a></p> <div class="consentButtons updated cf"><a class="check linkButton linkButtonLarge floatLeft highlight-medium">Jeg forstår, og jeg accepterer brugen af cookies</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">Jeg accepterer ikke brugen af cookies</a></div> </div> <div class="expired hidden"> <h2>Din valg med hensyn til cookies er udløbet</h2> <p>Vi arbejder løbende på at forbedre webstedets brugervenlighed. Det gør vi ved hjælp af de anonyme data, vi får fra cookies.<br> <a href="/home/data-protection/privacy-statements/website/html/index.da.html" class="arrow">Få mere at vide om, hvordan vi anvender cookies</a></p> <div class="consentButtons expired cf"><a class="check linkButton linkButtonLarge floatLeft highlight-medium">Jeg forstår, og jeg accepterer brugen af cookies</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">Jeg accepterer ikke brugen af cookies</a></div> </div> </div> <div class="cookieBlockedMessage template hidden"> <div class="cookieBlockedContentHolder"> <div class="mainCookieBlockedMessage">Dette indhold kræver cookies.</div><a href="/home/data-protection/privacy-statements/website/html/index.da.html" class="button">Privatlivspolitik</a></div> </div> <script src="/shared/js/analytics/pa_events.js?v=2734826" data-siteID="638441" data-collectDomain="https://qfknbhm.pa-cd.com"></script> <script src="/shared/dist/js/ieBlock.min.js" defer></script> </body> </html>