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ECMS

The Eurosystem Collateral Management System (ECMS) is a unified system for managing assets used as collateral in Eurosystem credit operations.

With its launch on 16 June 2025, it replaced the 20 existing national systems that had, until then, been used to manage assets used as collateral for Eurosystem credit operations.

As of Bulgaria’s accession to the Eurosystem on 1 January 2026, 21 national central banks use the ECMS.

Together with the other TARGET Services that the Eurosystem offers, the ECMS ensures that cash, securities and collateral flow freely across Europe (see the TARGET-Banco de España webpage).

The ECMS will be accessible through the Eurosystem single market infrastructure gateway, along with the other TARGET Services.

This change to a more up-to-date, unified and centralised structure is in line with other Eurosystem initiatives aimed at developing common platforms and systems that work across the euro area to further consolidate and simplify the provision of market infrastructure services.

Regulations

    Incident reports relating to ECMS operations must meet certain minimum completeness and consistency requirements to ensure that the activity giving rise to the incident can be traced and reproduced with sufficient accuracy. You are kindly requested to observe the following requirements when reporting incidents:

    • Incident reports should include screenshots clearly displaying the screen on which the error occurred, together with the relevant transaction or operation identifiers. Screenshots should also display the timestamp or, where this is not possible, the execution time(s) should be provided in the incident description.
    • The description should be clear and provide a step-by-step account of the actions that led up to the incident.

    Failure to provide the above information may prevent reproduction of the incident by the support team and its effective resolution.

    ECMS