Mobilising collateral

When transferring eligible marketable assets issued in a CSD (central securities depository) or ICSD (international CSD), counterparties make use of eligible SSSs (securities settlement systems).

Eligible assets may be used to collateralise all types of Eurosystem credit operations, not only at a domestic level but also across national borders (cross-border mobilisation). The cross-border mobilisation of marketable assets in Eurosystem credit operations may be conducted via the CCBM (correspondent central banking model), through eligible links between SSSs, or via a combination of the CCBM and eligible links.

Providers of triparty collateral management services (TCMS) – i.e. eligible triparty agents (TPAs) – may be used in the context of Eurosystem credit operations, both on a domestic and cross-border basis. In addition, collateral may be mobilised on accounts of NCBs with a non-domestic (I)CSD as authorised on an exceptional basis by the Governing Council.

Domestic mobilisation

For details on the domestic mobilisation of eligible marketable assets and eligible non-marketable assets in Eurosystem credit operations, counterparties should consult local NCBs.


The CCBM (correspondent central banking model) enables Eurosystem counterparties to use eligible marketable assets issued (i.e. registered or deposited) or held in other euro area countries as collateral. For the cross-border mobilisation of non-marketable assets in Eurosystem credit operations, distinct CCBM procedures have been established. The CCBM may also be used in combination with eligible links.

Eligible links between SSSs

Eligible marketable assets may be mobilised for Eurosystem credit operations by using eligible links between eligible SSSs. Once the assets have been transferred to another SSS via eligible links, they can be used in the same way as domestic collateral, following local procedures. Eligible links can be direct or relayed.

How are SSSs and links made eligible?

Eligible triparty agents

Eligible triparty agents (TPAs) provide triparty collateral management services (TCMS) which allow institutions to manage their collateral assets in an efficient manner. The TPA acts on behalf of the collateral giver and collateral taker. In the context of Eurosystem credit operations, Eurosystem counterparties serve as collateral givers and Eurosystem NCBs as collateral takers.

How are triparty agents (TPAs) made eligible?