The launch of the Eurosystem Collateral Management System (ECMS) has been rescheduled from 8 April 2024 to 18 November 2024. The decision, taken by the Governing Council of the European Central Bank (ECB), follows an assessment by the ECB’s Market Infrastructure Board, which found that users need more time to complete testing of the ECMS functionalities in a stable environment.
The additional time will ensure greater system stability and user readiness, as well as facilitate a smooth migration to the new platform. The Eurosystem will continue to support users throughout the testing execution phase to help 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 ECMS is expected to deliver considerable benefits to the Eurosystem, its counterparties and the wider market by harmonising collateral management practices and contributing to further EU financial integration.