Brussels, 4 July 2025 – Euroclear is pleased to announce that it has successfully connected to the European Central Bank’s Eurosystem Collateral Management System (ECMS), marking a major step forward in the harmonisation of the management of collateral used in the Eurosystem.
The recently launched ECMS replaces 20 separate National Central Bank (NCB) access points with a single, unified platform. The system enables market participants to manage their collateral on a pan-European basis - streamlining operations and increasing efficiency for both bilateral and triparty collateral movements. With ECMS now live, market participants can access a single pool of collateral across the Eurosystem, simplifying processes and facilitating cross-border investments.
Euroclear’s International Central Securities Depository (ICSD) Euroclear Bank, Euroclear France, Euroclear Nederland and Euroclear Finland, supported the launch by enabling clients to mobilise marketable assets worth over €550 billion to their individual central banks. The connection to ECMS, combined with integration into Target2-Securities, provides clients with seamless access to both Central Bank Money (CeBM) and Commercial Bank Money (CoBM). For Euroclear Bank, this marks an initial step toward ultimately offering CeBM settlement.
In addition Euroclear went live with its new Central Bank Access Service - part of the Collateral Highway - which enables clients to outsource the full end-to-end management of bilateral settlement with their central banks. The service delivers straight-through processing and enhanced automation for the mobilisation and demobilisation of collateral, driving greater operational efficiency and seamlessly integrating with clients’ settlement activity.
Isabelle Delorme Head of Product Strategy and Innovation at Euroclear said: "We are proud to reach this milestone toward greater market connectivity, enabling streamlined access to both central and commercial bank money. This connection strengthens Euroclear’s central position in asset custody and liquidity management, supported by our Collateral Highway, the world’s first neutral and global open architecture for institutions looking to optimise their collateral strategies. Our strength lies in enabling clients to centralise their euro liquidity in a single location, facilitating efficient and secure collateral mobilisation across multiple asset classes."
