Progress on AMI-SeCo Single Collateral Management Rulebook for Europe and Eurosystem Collateral Management System - July 2021
As part of our regular communications, and further to Announcement L21022, LuxCSD1 would like to update customers concerning the ongoing activities regarding the implementation of the AMI-SeCo Single Collateral Management Rulebook for Europe (SCoRE) Standards and Eurosystem Collateral Management System (ECMS).
SCoRE Standards and ECMS Project status
The latest versions of the SCoRE Standards for Triparty Collateral Management, Corporate Actions and Billing were published and reviewed during Q2 2021. For Triparty Collateral Management and Billing the standards are now considered stable. For Corporate Actions however, it was agreed during the AMI-SeCo meeting of 24 June that more work is required to ensure finalisation of details. As a result, the Corporate Actions standards will now be presented in the next AMI-SeCo meeting planned for September 2021, and LuxCSD will continue to work in the meantime within the Asset Services Expert Group to help finalise these standards.
The European Central Bank (ECB) has held further meetings have been with Tri-Party Agencies (TPAs) and Central Securities Depositories (CSDs)focussing on ECMS. In particular, User Testing plans have been shared and discussed and planning is progressing well. LuxCSD continues to work closely with National Central Banks (NCBs), the ECB and other actors, to act in the best interest of its customers.
LuxCSD Project status
LuxCSD's as a CSD readiness preparation for SCoRE remain on track. Our in-depth analysis of all applicable SCoRE Standards is continuing, alongside our participation in the CMH Task Force Expert Groups, with the goal to identify all business requirements for our internal Triparty Collateral Management, Corporate Actions and Billing processesto comply with the standards. As mentioned, owing to the additional work required on the Corporate Actions standards, our own internal requirements, and therefore any impacts on our customers, cannot be finalised until those standards are stabilised.
We also continue to work towards ECMS specifications and are currently on track to achieve these targets according to plan. Many questions that have arisen, especially regarding Corporate Actions and ISO 20022 messages, are now resolved. However, ECMS compliance with the SCoRE Corporate Action standards is subject to the same ongoing work with the Asset Services Expert Group.
Our draft Internal Business Requirements for specific SCoRE and ECMS adaptations are progressing according to plan, notwithstanding the remaining work mentioned above. We now aim to publish details regarding customer impacts starting Q3 2021, with elements of Corporate Actions potentially extending into Q4.
ECB have drafted high level ECMS User Testing plans, around which both SCoRE and ECMS testing will be aligned. These plans indicate test participation for the whole ECMS community starting in Q2 2023, leaving a development window for any mandatory elements for our customers from Q3 2021 to Q2 2023. We continue to work with the NCBs and ECB on the refinement of these plans.
Your support by LuxCSD
Should you have questions or require further information please contact ECMS.programme@clearstream.com, LuxCSD Client Services or your Relationship Manager.
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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.