The Eurosystem has launched its new Eurosystem Collateral Management System (ECMS) on June 16, 2025. This follows the completion of migration to the new setup over the weekend of June 13-15. The ECMS is now the fourth TARGET Service in operation, contributing to a unified and efficient European financial framework.
The ECMS manages assets used as collateral in Eurosystem credit operations. Alongside other TARGET Services, it ensures that cash, securities, and collateral can move freely across Europe. The software and environment for this system were delivered by Deutsche Bundesbank, Banco de España, Banque de France, and Banca d’Italia—four national central banks serving as service providers for TARGET Services.
The launch of the ECMS reflects joint efforts by all euro area central banks to support market participants throughout this project. “Thanks to close cooperation and extensive activities such as testing and migration rehearsals,” said a spokesperson, “all parties have ensured that participants can fully leverage the benefits of the new platform from day one.”
With the ECMS operational, the Eurosystem now offers a single system harmonizing collateral management for credit operations. It replaces individual national systems previously run by 20 euro area national central banks. Additionally, it enhances liquidity management features within TARGET Services to facilitate smooth cash flow within the euro area.
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