Progress on AMI-SeCo Single Collateral Management Rulebook for Europe and Eurosystem Collateral Management System – Update VIII
Note: This announcement, originally published on 1 December 2023 and updated on 15 December 2023, 15 February 2024, 26 September 2024, 17 October 2024, 25 October 2025, 9 December 2024 and 27 February 2025 has been further updated to include information on the implementation of SCoRE CA Standards.
Further to Announcements L22033 and L23025, LuxCSD1 informs its clients on an update to the implementation of the AMI-SeCo Single Collateral Management Rulebook for Europe (SCoRE) Standards and Eurosystem Collateral Management System (ECMS).
The ECB’s Governing Council has decided to reschedule the launch of ECMS to 16 June 2025, following an assessment conducted by the ECB Market Infrastructure Board (MIB).
The MIB concluded that "additional time was required to achieve sufficient readiness for a smooth go-live, despite the good progress made in the testing phase over the summer. The rescheduling will support national central banks of the euro area and the counterparties that will be joining the ECMS by enabling them to achieve sufficient testing coverage in a stable environment to ensure their readiness by the revised go-live date”.
Clients can find further information on the ECB website.
Corporate Actions
The SCoRE Corporate Actions Standards will be implemented by LuxCSD according to the following implementation timeline:
| SCoRE CA Standard | Implementation date | Points of attention and exceptions |
SCoRE CA Standard 1: Harmonised business processes and workflows for corporate actions | 8 April 2024/ 18 November 2024/31 March 2025/16 June 2025 | The field Gross Amount (19b::GRSS) will be reported:
The field Maximum Quantity to Instruct (MAEX) for the Odd Lot event (ODTL VOLU) in the notification message has been implemented on 18 November 2024. The effective date of the reversal will be reported in the Pay Date field as part of the MT564 Claim and Reversal Advice (CRA) report, from 16 June 2025. As of 31 March 2025, once a Corporate Action instruction is received and processed, the updated MT564 IPAR will only contain the option elected by the client. Uninstructed options will no longer be visible on the MT564 IPAR. As of 16 June 2025, additional options to express the NEWO rate will be made available in the MT564 Corporate Action notification, MT566 Corporate Action confirmation, MT564 IPAR and MT564 Claim and Reversal Advice (CRA) report: “AmtToAmt”, “QtyToAmt“and “AmtToQty". As of 16 June 2025, an additional option to express the ADEX rate will be made available in the MT564 Corporate Action notification, MT566 Corporate Action confirmation, MT564 IPAR and MT564 Claim and Reversal Advice (CRA) report: “AmtToAmt“. As of 16 June 2025, the PROR rate will be updated before payment execution. An updated MT564 IPAR or MT564 Claim and Reversal Advice (CRA) report containing the PROR rate will be sent before a Corporate Action confirmation is sent. This is applicable for the following event types:
|
SCoRE CA Standard 2: Provision of data necessary for calculating proceeds SCoRE CA Standard 3: Consistency of information provided by Issuer (I)CSDs, Investor (I)CSDs and custodians | 8 April 2024/ | For the specific case of the Dividend Reinvestment event with interim line (DRIP CHOS), the implementation date will be 16 June 2025. A full asset servicing flow is required to process the TEFRA-D event. For the German market, such processing has been implemented on 18 November 2024. |
SCoRE CA Standard 4: Rounding rules | 16 June 2025 | The commercial rounding rule has been re-installed on 2 December 2024 and remains applicable until the SCoRE CA Standard 4 rounding rule for fixed coupon amount payments has been adjusted, which is planned from 16 June 2025. |
SCoRE CA Standard 5: Negative cash flows | 8 April 2024 | |
SCoRE CA Standard 6: Business day rule | 8 April 2024/ 18 November 2024 | On 8 April 2024, LuxCSD will start to report the Earliest Payment Date (98a::EARL) in the MT564 IPAR only when the payment date falls on a non-business day. |
SCoRE CA Standard 7: Securities amount data | n/a | |
SCoRE CA Standard 8: Payment time | 18 November 2024 | |
SCoRE CA Standard 9: Notification of processing status | 16 June 2025 | Implementation date postponed to 16 June 2025 in line with the new ECMS launch date. |
SCoRE CA Standard 10: Elective events | 8 April 2024/24 November 2025 | The third requirement of SCoRE CA Standard 10 “For mandatory with options corporate action events (that is, mandatory reorganisations), Issuer CSDs should ensure settlement does not occur after the market deadline” will require the handling of new transformation instructions for such type of events. The implementation date of such processing is planned for 24 November 2025. |
SCoRE CA Standard 11: Availability of default options | 8 April 2024 | |
SCoRE CA Standard 13: Reversal of a corporate action | 8 April 2024/16 June 2025 | As of 16 June 2025, if a payment has been reversed after the Pay Date, a new MT564 IPAR message will be sent to clients that have subscribed to receive the MT564 IPAR at the end of the record date only. |
SCoRE CA Standard 14: Processing of foreign currency payments | n/a | |
SCoRE CA Standard 15: ISO 20022 messages for corporate actions | 16 June 2025 | Implementation date postponed to 16 June 2025 in line with the new ECMS launch date. |
LuxCSD will communicate with ECMS in ISO 20022 format. Regarding communication between LuxCSD and its clients, enhancements to existing messages in ISO 15022 format resulting from the implementation of SCoRE will be implemented as originally planned on 8 April 2024 and on 18 November 2024, while communication between LuxCSD and its clients in ISO 20022 format (see SCoRE CA Standard 15) will be made available in line with the ECMS go-live date on 16 June 2025. LuxCSD will continue to support communication with clients in ISO 15022 format in coexistence with ISO 20022 format after the ECMS go-live date until further notice.
Clients should note that some recommendations have been published by SMPG to facilitate the coexistence of Corporate Actions messages between ISO 15022 and ISO 20022 Standards, as outlined in the following document: SMPG Statement on Coexistence of Corporate Action Messages between ISO 15022 & ISO 20022 Standards. Clearstream Banking informs clients that these SMPG coexistence recommendations will be applied from 16 June 2025.
Triparty Collateral Management
Clearstream Banking will communicate with ECMS in ISO 20022 format. Following client consultation, communication between Clearstream Banking and its clients will remain in ISO 15022 format after the ECMS go-live date.
For more information on Clearstream Banking's and LuxCSD's offering for Triparty Collateral Management and Bilateral Collateral Management, please refer to the attached ECMS Guide.
Further information
For further information please contact ECMS.programme@clearstream.com, LuxCSD Client Services or your Relationship Manager.
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1. LuxCSD refers to LuxCSD S.A., registered office at 42, Avenue J.F. Kennedy, L-1855 Luxembourg, registered with the Luxembourg Trade and Companies Register under number B-154.449.