The new Eurosystem Collateral Management System (ECMS) will go live on 16 June 2025. This date has been set by the ECB’s Governing Council in order to provide sufficient time for national central banks of the euro area and their counterparties to thoroughly test the system in a stable environment to ensure user readiness.
The decision to reschedule the launch of the ECMS from November 2024 was due to the need for additional preparation time identified by the Market Infrastructure Board to achieve a seamless launch.
The ECMS is a unified system that will harmonize the management of collateral for Eurosystem credit operations, replacing the systems currently operated by the 20 euro area national central banks. Alongside the other TARGET Services offered by the Eurosystem, the ECMS will provide enhanced liquidity management features to facilitate the smooth flow of cash, securities and collateral across Europe.