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Learn more about messages and roles in the ECMS

18 June 2021

In November 2023 the Eurosystem Collateral Management System (ECMS) will replace the existing collateral management systems used in Eurosystem credit operations.

Counterparties will access and use the ECMS and all other TARGET services through the Eurosystem single market infrastructure gateway (ESMIG). With ESMIG, counterparties can interact with the ECMS in user-to-application (U2A) and/or application-to-application (A2A) mode via ISO 20022 messages. National central banks, central securities depositories and triparty agents will only interact with the ECMS in A2A mode. To support ECMS actors in their preparations for the System’s launch, information on messages and predefined roles in the ECMS has been uploaded on the ECB’s website. Watch this space for more details on the ECMS in the coming weeks.