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The European Central Bank (ECB) has postponed the launch of the Eurosystem Collateral Management System (ECMS) by seven months until 18 November 2024.
The decision follows an assessment completed by the ECB’s Market Infrastructure Board which found that users need additional time to complete testing of the ECMS functionalities in a stable environment.
According to the Bank, the extra time will ensure greater system stability and user readiness, as well as facilitate a smooth migration to the new platform.
It is not the first time the ECB has postponed the launch of the ECMS, with the Bank previously pushing the date back almost six months from 20 November 2023 to 8 April 2024.
The Eurosystem will continue to support users throughout the testing execution phase to ensure that sufficient progress is made and that all milestones are reached in time for the new launch date.
The ECMS is a unified system for managing assets used as collateral in Eurosystem credit operations. It will replace the existing individual systems belonging to the national central banks of the euro area countries.
The system aims to provide “considerable benefits” to the Eurosystem, its counterparties and the wider market by harmonising collateral management practices and contributing to further EU financial integration.
