Contact group on euro securities infrastructures

COGESI addresses developments in the field of collateral management and liquidity management, infrastructural developments, issues related to regulation, standards and legal framework, and post-trading activities in general.

It is of particular interest for the ECB to receive feedback from market participants and infrastructures on the Eurosystem collateral framework and on initiatives related to euro securities clearing and settlement integration.


ECB (Director General Market Infrastructure and Payments)


Members consist of representatives of the Eurosystem and representatives of commercial banks, securities settlement systems and clearing houses mainly from the euro area.

The non-euro area central banks of the EU and the European Commission attend COGESI as observers.

The composition of the group is reviewed on a regular basis.


30 November
28 June
18 February
2015 2014
2013 2012 2011 2010 2009 2008 2007 2006

Other documents

COGESI reports Framework tables

The 2013 COGESI report compiled a comprehensive set of tables comparing collateral policy frameworks. COGESI has committed to regularly updating these tables so as to provide an up-to-date reference point for the comparison of the various frameworks.

2013 COGESI report: Collateral eligibility requirements - a comparative study across specific frameworks

The tables present the status quo for existing collateral eligibility rules within (i) the collateral policy frameworks of major central banks, (ii) EU and global regulatory frameworks and (iii) the practices of EU central counterparties (CCPs).

27 February 2015

Explanatory notes for COGESI framework tables

CSD links

Map of CSD links and cut-off times

In January 2015, at the request of COGESI, the European Central Securities Depositaries Association (ECSDA) published an overview of the various links between CSDs. This came along with a comprehensive map of CSD cut-off times and characteristics.

Links are an important means to facilitate cross-border securities transactions and they contribute to market integration. This overview of CSD links is based on data collected by ECSDA in the second half of 2014.

Comprehensive map of CSD links and cut-off times