Should market participants propose solutions in this area, the ECB will certainly take them into consideration in our own investigation. Collateral management harmonisation The second element of the process of pushing for a truly single financial market is the further harmonisation of collateral management.
Following the successful harmonisation of market practices in the context of T2S (which I alluded to earlier), the Eurosystem, together with key European financial market stakeholders, is working towards extending such harmonisation benefits to the field of collateral management. The core innovation in this work is that all interaction will be based on ISO 20022 standards.