Progress on AMI-SeCo Single Collateral Management Rulebook for Europe and Eurosystem Collateral Management System – September 2022

29.09.2022

As part of our regular communications, and further to Announcement L21039, LuxCSD1 would like to update customers concerning the impacts regarding the implementation of the AMI-SeCo Single Collateral Management Rulebook for Europe (SCoRE) Standards and Eurosystem Collateral Management System (ECMS).

Impact on LuxCSD’s services to customers

The new standards set by SCoRE and the implementation of ECMS mean that some changes are required to comply and operate within the new environment.

The AMI-SeCo Standards will implement specific changes in areas such as triparty collateral management, asset servicing and billing, as well as the introduction of the new ISO 20022 messaging standard based on the new data structures.

LuxCSD expects to comply with SCoRE standards wherever possible and facilitate the migration to ECMS by the targeted launch date, while making every effort to minimise the impact on customers during these changes. Current plans are to implement - both SCoRE and ECMS in November 2023.

All customers, including issuers and issuer agents, will be required to review the potential impact to a greater or lesser extent, however LuxCSD is already compliant with many of the new present standards, limiting the impact on customers. Those who participate in monetary policy operations will be impacted by collateral management changes. However, all customers may be impacted by changes to corporate actions processes.

If customers do not intend to use a tri-party agency (TPA) for collateral management, and intend to communicate directly with the ECMS, message exchange with ECMS will need to be based on ISO 20022 message standards. Further information can be obtained from the customers’ appropriate central bank.

Further information is included within the attached “Implementation of SCoRE Standards and readiness for ECMS - Functional Specifications” document.

Further information

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.