Triparty collateral management services (TCMS)

Triparty collateral management services (TCMS) allow institutions to manage their collateral assets in an efficient manner via a “triparty agent” (TPA), which acts on behalf of the collateral giver and collateral taker. In a Eurosystem context, Eurosystem counterparties serve as collateral givers and Eurosystem national central banks (NCBs) as collateral takers.

The correspondent central banking model (CCBM) provides a basis for the cross-border use of TCMS, whereby the NCB of a market where TCMS are being offered for cross-border Eurosystem use acts as correspondent central bank (CCB) for NCBs in other countries with local counterparties wishing to take advantage of such services on a cross-border basis. The following TCMS providers may be used by Eurosystem counterparties on a cross-border basis via the CCBM when mobilising marketable assets in Eurosystem credit operations:

  • Model 1: Clearstream Banking Frankfurt
  • Model 2: Clearstream Banking Luxembourg
  • Model 3: Euroclear Bank, Euroclear France

TCMS may also be used on a domestic basis when mobilising marketable assets in Eurosystem credit operations. The following TCMS providers are available for domestic use:

  • Belgium: Euroclear Bank
  • France: Euroclear France
  • Germany: Clearstream Banking Frankfurt
  • Italy: Monte Titoli
  • Luxembourg: Clearstream Banking Luxembourg
  • Spain: Iberclear