Launch of a public consultation on the CCBM2 User Requirements
March 5th, 2008
On 8 March 2007 the Governing Council of the European Central Bank (ECB) decided to review the Eurosystem’s current collateral management handling procedures, in particular the present correspondent central banking model (CCBM).
A medium-term project for the next generation of collateral management has since been launched under the name “Collateral Central Bank Management” (CCBM2).
CCBM2 is a common platform for Eurosystem collateral management, which may be used by the Eurosystem NCBs on a voluntary basis.
Its objective is to consolidate and increase the efficiency of the Eurosystem’s internal systems for collateral management.
In particular, it aims, to the extent possible, to address the drawbacks identified in the current set-up by optimising the cost of mobilising collateral and by enhancing liquidity management.
CCBM2 will be based on existing systems such as that of the Nationale Bank van België/Banque Nationale de Belgique and De Nederlandsche Bank.
Work will be conducted in parallel with the TARGET2-Securities (T2S) project in order to exploit all possible synergies and avoid any overlap.
The ECB published the draft CCBM2 user requirements for public consultation on the 26th of February.
The user requirements document contains a management summary followed by nine chapters describing the features of the CCBM2 in more detail.
Specific user cases are set out in an annex.
It should be noted that some of the features described in the user requirements document are currently being explored by the Eurosystem and thus may be subject to revision at a later stage.
The Eurosystem is inviting market participants to comment on the draft CCBM2 user requirements by
5 May 2008 at the latest.
The Eurosystem will then assess the comments received during the public consultation and submit a proposal for the CCBM2 user requirements to the Governing Council.
Entry Filed under: FINWIRE®
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