The introduction of the Eurosystem Collateral Management System (ECMS) will entail functional and technical changes alike for all future participants. In order to ensure a smooth migration, the Bundesbank will therefore partner closely with all of its monetary policy counterparties as they transition to the ECMS.

It will be guided by the Eurosystem’s roadmap which, at present, consists of 23 milestones which are used to supervise and monitor the readiness levels of all institutions participating in the ECMS. The milestones denote the starting and ending points of central activities that need to be, respectively, begun and completed by the given deadlines. Readiness levels are surveyed approximately once per quarter. The Bundesbank identifies these by surveying all its monetary policy counterparties on the extent to which they have reached the respective milestones. In addition, counterparties are asked to provide an estimate of their current project progress, and thereby their prospective readiness for migration, using a traffic light system. 

Central banks can use the responses to glean valuable information about their counterparties’ readiness levels and to give institutions early and targeted support should difficulties arise. These responses also feed into community readiness monitoring at the European level. Each central bank participating in the ECMS takes part in monitoring and reports on the readiness level of its own connectivity project as well as that of its monetary policy counterparties. At the European level, the results of each community readiness survey are summarised in a community readiness report and an accompanying dashboard. 

We have compiled for you an overview and description of the milestones that monetary policy counterparties have to reach in their preparations for the ECMS going live. We will post updates on this page.