ECMS postponed until 2025 26 September 2024Europe Reporter: Daniel Tison
Image: Andriy/stock.adobe.com
The European Central Bank (ECB) has announced a further delay for the launch of the Eurosystem Collateral Management System (ECMS) on the recommendation of its Market Infrastructure Board (MIB).
The launch of the centralised collateral management facility for Eurosystem central banks is now planned for the first half of 2025.
With the original launch date scheduled for November 2023, the ECB will announce the new date in October 2024.
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”.
In the announcement, the ECB said: “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.”
The ECMS is a unified system that will replace the existing systems of the 20 euro area national central banks that are currently employed in managing assets used as collateral for Eurosystem credit operations.
It is linked to the TARGET2-Securities (T2S) platform for the settlement of securities and to the T2 system for the transfer of central bank liquidity.
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Image: Andriy/stock.adobe.com 