The Eurosystem Collateral Management System (ECMS) is the shared platform for managing collateral in Eurosystem credit operations.
It replaces separate national systems with one harmonised solution. Therefore, counterparties and central banks can manage eligible collateral through consistent processes across the euro area.
ECMS supports marketable assets, credit claims, and other approved collateral types. For example, it validates mobilisation instructions and sends related settlement instructions to T2S. It then updates asset positions after receiving settlement confirmation.
The system also checks asset eligibility and applies relevant valuation rules. Moreover, it exchanges payment instructions with Central Liquidity Management in T2 when cash serves as collateral.
Users access the platform through ESMIG in application-to-application or user-to-application mode. In addition, ISO 20022 messages and role-based permissions support controlled communication.
Centralised collateral management improves efficiency, consistency, traceability, and operational control across Eurosystem credit processes.
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