Marketable assets

Eligibility criteria

In order to be eligible as collateral for Eurosystem credit operations, marketable assets must comply with the eligibility criteria as laid down in the "General framework" . Additional temporary measures on collateral eligibility are laid down in the “Temporary framework” , and are applicable until further notice.

Schematic overview (further details are set out in the General Documentation)

Eligibility criteria Marketable assets
Type of asset ECB debt certificates
Other marketable debt instruments: e.g. Central government debt instruments Debt instruments issued by central banks Local and regional government debt instruments Supranational debt instruments Covered bank bonds Credit institutions debt instruments Debt instruments issued by corporate and other issuers Asset-backed securities
Credit standards The asset must meet high credit standards. The high credit standards are assessed using Eurosystem credit assessment framework (ECAF) rules for marketable assets.
Place of issue * EEA
Settlement /
handling procedures
Place of settlement: euro area
Instruments must be centrally deposited in book-entry form with NCBs or an SSS positively assessed by the Eurosystem pursuant to the standards and assessment procedures described in the Eurosystem User Assessment Framework
Type of issuer / debtor / guarantors Central banks
Public sector Private sector International and supranational institutions
Place of establishment of the issuer * / debtor / guarantor Issuer: EEA or non-EEA G10 countries
Debtor: EEA Guarantor: EEA
Acceptable markets Regulated markets
Non-regulated markets accepted by the ECB
Currency * Euro
Cross-border use Yes
* or as further specified in the “Temporary framework”
Eligibility assessment procedure

Proactive assessment by NCBs once the asset is issued

Prior to the publication on the ECB website in the list of eligible marketable assets, national central banks (NCBs) proactively assess the eligibility of the marketable assets. The NCB of the country where the asset is admitted to trading on a regulated market or traded on a non-regulated market is responsible for the assessment of the eligibility of the marketable asset.

The eligibility assessment process only begins once the asset is issued and all the necessary documentation mentioned below is available to the respective NCB. Both NCBs and ECB do not confirm the eligibility of an asset prior to its issuance.

Once the assessment procedure is completed, the marketable asset will be included in the list of eligible marketable assets provided it complies with the ECB’s eligibility criteria.

In case a marketable asset does not appear on the list of eligible marketable assets, but you believe it should be there, please contact the national central bank of the country in which the asset is admitted to trading on a or traded on an acceptable non-regulated market. In this case, the following information could be provided to the responsible NCB in order to facilitate the assessment procedure:

  • Letters of rating from the rating agencies,
  • Rating agencies pre-sale reports (not the rating agencies web pages),
  • Final offering circulars for the transaction,
  • ISIN codes of the security, Reuters/Bloomberg page codes,
  • Confirmation of New Global Note (NGN) form, if applicable. (1)

(1) The NGN criterion only applies to international debt instruments in global bearer which are issued through the ICSD’s with XS ISIN codes. The NGN requirement does not pertain to domestic securities issued through domestic CSD’s or individual bearer or global registered international securities.

Acceptable markets

One eligibility criterion for marketable assets is that the debt instrument must be admitted to trading on a regulated market as defined in the Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, or traded on certain non-regulated markets specified by the ECB.

Regulated markets

The European Commission publishes a list of all regulated markets in the Official Journal of the European Union at least once a year. In addition, the list of regulated markets is also made available on its website.

For details, see European Commission > Internal Market > Securities & Investment > Investment services and regulated markets (MiFID)

Non-regulated markets

The assessment of non-regulated markets is made by the Eurosystem and is based on three principles: safety, transparency, and accessibility.

The three principles are defined by the Eurosystem exclusively in terms of the performance of the Eurosystem’s collateral management function. The selection process is not aimed at assessing the intrinsic quality of the various markets.

  • Safety is taken to mean certainty with regard to transactions, in particular certainty on the validity and enforceability of transactions.
  • Transparency is taken to mean unimpeded access to information on the market’s rules of procedure and operation, the financial features of the assets, the price formation mechanism, and the relevant prices and quantities (quotes, interest rates, trading volumes, outstanding amounts, etc.).
  • Accessibility refers to the Eurosystem’s ability to take part in and have access to the market; a market is accessible for collateral management purposes if its rules of procedure and operation allow the Eurosystem to obtain information and conduct transactions when needed for these purposes. The current list of non-regulated markets which are deemed to comply with these three principles are listed in the table below.

Current list of non-regulated markets accepted by the ECB (updated: 16 January 2015)
Country Name of non-regulated market accepted by the ECB Code for the List of eligible marketable assets
EU STEP market RMEU01
Belgium The OTC market for Belgian Treasury Bills (BTB) RMBE05
The OTC market for Belgian commercial papers RMBE06
The OTC market for Belgian Strips RMBE07
Alternext Brussels market RMBE10
Germany The unofficial market (“Freiverkehr”) of a German exchange RMDE11
France Government securities (Bons du Trésor: BTF/BTAN) markets RMFR03
French commercial paper (Billets de Trésorerie) market RMFR04
French Medium-Term Notes (BMTN) market RMFR05
Ireland Global Exchange Market (GEM) RMIE02
Italy EuroTLX RMIT08
SSO Bondvision RMIT09
ExtraMOT RMIT10
Hi-MTF RMIT11
Luxembourg EuroMTF RMLU02
Netherlands MTS Netherlands RMNL04
Austria Third market (“Dritter Markt”) RMAT03
Slovenia MTS Slovenia RMSI02
Finland The money market for treasury bills (Finnish Treasury Bill Programme) RMFI04
MTS Finland RMFI05
First North Bond Market Finland RMFI08
Recognised agencies
Name of agency recognised by the ECB Definition of agency
Caisse d'amortissement de la dette sociale (CADES) Agency Non-Credit institution
Erste Abwicklungsanstalt (EAA) Agency Non-Credit institution
FMS Wertmanagement (FMS-WM) Agency Non-Credit institution
Société de financement de l'économie française (SFEF) Agency Non-Credit institution
Union Nationale Interprofessionnelle pour l'Emploi dans l'Industrie et le Commerce (UNEDIC) Agency Non-Credit institution
Instituto de Credito Oficial Agency Credit institution
Kreditanstalt fuer Wiederaufbau Agency Credit institution
Landeskreditbank Baden-Württemberg Foerderbank Agency Credit institution
Landwirtschaftliche Rentenbank Agency Credit institution
NRW.Bank Agency Credit institution
Recognised supranational issuers
  • African Development Bank
  • Asian Development Bank
  • Bank for International Settlements
  • Caribbean Development Bank
  • Council of Europe Development Bank
  • Eurofima (European Company for the Financing of Railroad Rolling Stock)
  • European Atomic Energy Community
  • European Bank for Reconstruction and Development
  • European Financial Stability Facility
  • European Investment Bank
  • European Investment Fund
  • European Stability Mechanism
  • European Union
  • Inter-American Development Bank
  • International Bank for Reconstruction and Development
  • International Finance Corporation
  • International Finance Facility for Immunisation
  • International Monetary Fund
  • Islamic Development Bank
  • Multilateral Investment Guarantee Agency
  • Nordic Investment Bank