The Eurosystem Collateral Management System (ECMS) is a unified platform for collateral management in the

Eurosystem The Eurosystem is the monetary authority of the eurozone, the collective of European Union member states that have adopted the euro as their sole official currency. The European Central Bank (ECB) has, under Article 16 of its Statute,

, intended to support the effectiveness of

monetary policy Monetary policy is the policy adopted by the monetary authority of a nation to affect monetary and other financial conditions to accomplish broader objectives like high employment and price stability (normally interpreted as a low and stable rat ...

in the

euro area The euro area, commonly called the eurozone (EZ), is a currency union of 20 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented EMU pol ...

. It is one of the Eurosystem's

TARGET Services TARGET Services (for Transeuropean Automated Real-time Gross-settlement Express Transfer) are payment services operated by the Eurosystem for the euro area and beyond on its proprietary financial market infrastructures. As of late 2024, TARGET Ser ...

, together with T2 for large payments, TARGET Instant Payment Settlement (TIPS) for

instant payment Instant payment (sometimes referred to as real-time payment or faster payment) is a method of electronic funds transfer, allowing for almost immediate transfer of money between bank accounts. This was in contrast to the previous transfer times o ...

s, and TARGET2-Securities (T2S) for securities settlement.

Overview

The ECMS was implemented on , replacing the national collateral management systems that have been operated since the inception of economic and monetary union by each National Central Bank. The ECMS project has been jointly developed by the

Bank of France The Bank of France ( ) is the national central bank for France within the Eurosystem. It was the French central bank between 1800 and 1998, issuing the French franc. It does not translate its name to English, and thus calls itself ''Banque de F ...

and

Bank of Spain The Bank of Spain (, ) is the national central bank for Spain within the Eurosystem. It was the Spanish central bank from 1874 to 1998, issuing the peseta. Since 2014, it has also been Spain's national competent authority within European Banki ...

on behalf of the Eurosystem. Its start had originally been scheduled in late 2022, but was subsequently postponed several times.

References

Eurosystem {{Finance-stub

Overview

See also

References