The Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo) has written a "Single Collateral Management Rulebook for Europe (SCoRE)" in connection with the system changeover of the 19 local collateral management systems, also ECMS. Originally, the Rulebook for Corporate Actions with its 15 standards was aimed purely at collateral management, i.e. it was limited to creditor securities and selected event types in the first step. In fact, however, the importance of the standards grows far beyond their original purpose and radiates to the entire value chain of securities custody. Are the standards too far-reaching to be implemented in practice? Do the standards possibly go so far that they even hinder their original purpose, i.e. the standardised connection to ECMS due to the general adaptation requirements caused? Do these standards actually force the switch to ISO 20022?
The Key Take-Aways
ECMS as the part of the Target initiatives
Understand the drivers of the standards, and what are the hurdles today that actually make the standards necessary?
Discuss how European SSSs benefit from this standardisation?
Define best strategies to incorporate standards through the entire custody chain in response to adaptation to the standards in the communication with the NBs
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