The European Central Bank has set back the scheduled launch date of its new collateral management system from 20 November 2023 to April 2004.
The new collateral management system (ECMS) will be a unified system for managing assets used as collateral in Eurosystem credit operations. It will replace the existing individual systems of the euro area national central banks.
The ECMS is expected to benefit the Eurosystem, its counterparties and the market at large by harmonising collateral management practices and contributing to further EU financial integration.
The ECB says the decision was taken to mitigate the impact of the rescheduled launch of T2, the Eurosystem’s new real-time gross settlement system and central liquidity management model, which was postponed by four months on 20 October 2022.