Early engagement is needed, and it is critical that preparations for the implementation of these – as yet to be developed – standards start now. The Eurosystem has taken advantage of the progress made so far in collateral harmonisation when designing the Eurosystem collateral management system (ECMS), which is currently being built. The system is due to go live in 2022.
It will – if agreed – replace the individual collateral management systems currently in use by Eurosystem national central banks. Counterparties, central securities depositories and triparty agents in different countries, which today interact with national central banks through those national collateral management systems, will in future be able to use the same harmonised system.