Eligible triparty agents (TPAs)

In the context of Eurosystem credit operations, counterparties may use triparty collateral management services (TCMS) provided by triparty agents (TPAs) if the TPAs are assessed as eligible by the Eurosystem.

What are triparty agents?

Triparty collateral management services (TCMS) provided by triparty agents (TPAs) allow market participants to optimise the use of their securities portfolios when collateralising credit and other exposures stemming from different products and instruments (e.g. repo, securities lending, central bank credit, secured loans and exposures arising from over-the-counter transactions).

TPAs carry out the following services on behalf of the Eurosystem: checking/verifying the eligibility of assets against the list of eligible assets published by the ECB on its website on a daily basis, carrying out the daily asset valuation process (based on information sent by the relevant NCB to the TPA), checking the eligibility of the mobilisation channels (e.g. direct links), carrying out close link checks (when necessary) and processing payments related to corporate actions.

TCMS can also be used on a cross-border basis in combination with the correspondent central banking model (CCBM). The NCB of a market where TCMS are offered for cross-border Eurosystem use acts as the correspondent central bank for NCBs in other countries in which local counterparties wish to take advantage of such services on a cross-border basis.

List of TPAs eligible for domestic use
  • Belgium: Euroclear Bank
  • Germany: Clearstream Banking AG
  • France: Euroclear France
  • Italy: Monte Titoli
  • Luxembourg: Clearstream Banking S.A.
  • Spain: Iberclear (This service is unavailable until further notice.)
List of TPAs eligible for cross-border use via the CCBM
  • Belgium: Euroclear Bank (Model 3)
  • Germany: Clearstream Banking AG (Model 1)
  • France: Euroclear France (Model 3)
  • Luxembourg: Clearstream Banking S.A. (Model 2)

How are triparty agents (TPAs) made eligible?