Author: admin

In order to address this fragmentation, the Eurosystem’s Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo) is working towards developing a Single Collateral Management Rulebook for Europe (SCoRE), which defines common rules for managing collateral.

The harmonised collateral management processes laid down in SCoRE will ultimately make it easier for:

• market participants to move their securities and collateral safely and efficiently between EU countries, without friction or restrictions;
• investors to buy securities in any EU country and use them as collateral in the same or any other EU country;
• banks to move collateral and securities quickly to where they are needed.

It will also lead to:

• increased efficiency, by enabling collateral management across Europe from a single account using the same procedures;
• lower costs, as a single rulebook will allow market participants to implement a single set of procedures;
• interoperability, resulting from common messaging based on a common set of data across financial market infrastructures;
• lower risk in managing securities and collateral as a result of the standardisation of processes;
• a level playing field for all market participants across Europe;
• increased reach beyond domestic markets.

In order to address this fragmentation, the Eurosystem’s Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo) is working towards developing a Single Collateral Management Rulebook for Europe (SCoRE), which defines common rules for managing collateral.

The harmonised collateral management processes laid down in SCoRE will ultimately make it easier for:

• market participants to move their securities and collateral safely and efficiently between EU countries, without friction or restrictions;
• investors to buy securities in any EU country and use them as collateral in the same or any other EU country;
• banks to move collateral and securities quickly to where they are needed.

It will also lead to:

• increased efficiency, by enabling collateral management across Europe from a single account using the same procedures;
• lower costs, as a single rulebook will allow market participants to implement a single set of procedures;
• interoperability, resulting from common messaging based on a common set of data across financial market infrastructures;
• lower risk in managing securities and collateral as a result of the standardisation of processes;
• a level playing field for all market participants across Europe;
• increased reach beyond domestic markets.

• The guidance, published after extensive public consultation, provides details on an updated valuation data framework.

• Banks are expected to have a high-quality dataset available, to facilitate valuation in the case of failure, boosting crisis readiness.

The SRB today publishes its Expectations on Valuation Capabilities. Crisis readiness and, in particular, valuation in crisis, is a key component of the SRM Vision 2028 strategy. Banks are expected to ensure the availability of a standardised high-quality dataset to independent valuers, enabling robust and timely valuations, while strengthening crisis readiness.

“As we navigate the complexities of an evolving financial landscape, the SRB’s updated valuation framework is crucial in ensuring banks are crisis-ready. High quality datasets are key to making effective resolution decisions,” said Dominique Laboureix, SRB Chair.

The final expectations reflect extensive feedback from a public consultation held between 2 April and 2 July 2025. In response, and in line with its efforts on simplification, the SRB streamlined and simplified the proposed framework by reducing certain documents and data attributes, removing the continuous access requirement to data repositories for resolution, and clarifying the role of valuation playbooks. A feedback statement summarises how comments were addressed. 

The expectations replace previous guidance published in 2020. Banks are expected to progressively implement them by the end of 2029. 

See here for more information on the requirements and timeline.