The Eurosystem Collateral Management System (ECMS) will be a unified system for managing assets used as collateral in Eurosystem credit operations. It will replace the existing 19 individual systems of the Eurozone’s national central banks. Alongside the other TARGET services that the Eurosystem offers, the ECMS will ensure that cash, securities and collateral flow freely across the Eurozone countries. Its launch is planned for November 2023.
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