Implementation of SCoRE Standards and readiness for ECMS: Impact on issuers and issuer agents


LuxCSD1 informs issuers and issuer agents about the impact of the implementation of the AMI-SeCo Single Collateral Management Rulebook for Europe (SCoRE) Standards and connection to the Eurosystem Collateral Management System (ECMS) planned on

8 April 2024

Information relevant to issuers and issuer agents is included in the attached document and on Clearstream Banking's dedicated ECMS and SCoRE Implementation web page. Issuers and issuer agents are invited to examine this information, as well as the SCoRE Standards and details on ECMS which are published on the ECB website, and assess the impact on their activities.



The Advisory Group on Market Infrastructure for Securities and Collateral (AMI-SeCo) set up the Harmonisation Subgroup (HSG) as part of the Eurosystem Single Market in Europe mandate, to foster harmonisation and integrated financial market infrastructures within the EU. The HSG established the Collateral Management Harmonisation Task Force (CMH-TF) to produce the SCoRE, starting with the following three of ten identified collateral management harmonisation areas:

  • Triparty Collateral Management;
  • Corporate Actions;
  • Billing.


For Eurosystem central banks, ECB’s Eurosystem Collateral Management System (ECMS) will manage eligible assets as collateral in Eurosystem credit operations, thereby establishing harmonised functions and services for the Eurosystem and its counterparties. Collateral pledged to central banks will be held in T2S. ECMS will be SCoRE compliant, meaning that non-compliance with SCoRE Standards may result in assets being non-eligible for collateral management activity in ECMS.

Further information

Should you have questions or require further information please contact


1. LuxCSD refers to LuxCSD S.A., registered office at 42, Avenue J.F. Kennedy, L-1855 Luxembourg, registered with the Luxembourg Trade and Companies Register under number B-154.449.