欧洲央行-第十次合规与进度报告（英）-2025.6_67页_1mb

SCoREBOARD Summary

Core Content Overview

The SCoREBOARD report is part of the Eurosystem's Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo) series, tracking progress on the implementation of the Single Collateral Management Rulebook for Europe (SCoRE). The report covers the first half of 2025 (data as of 28 March 2025) and provides insights into the compliance status of Triparty Collateral Management (TPA), Corporate Actions, and Billing Processes standards across 29 of the 30 AMI-SeCo markets.

The goal of SCoRE is to harmonize collateral management practices across Europe, replacing fragmented legacy systems and improving the efficiency and interoperability of collateral handling. The initiative is aligned with the Capital Markets Union (CMU) objectives, aiming to facilitate seamless movement of securities and collateral across EU countries.

Main Milestones and Compliance Status

Triparty Collateral Management (TPA)

• Milestone 12 (External Testing Completed): Only one TPA (Clearstream Banking Luxembourg) has completed external testing by the deadline (20 September 2024).
• Milestone 13 (Implementation Completed): Four TPAs expect to meet the final milestone by June 2025, while others plan to complete it by late 2026 or even 2027.
• Compliance Status:
  • Standards such as Partial allocation (Standard 12), Usage of baskets (Standard 14), and Future-dated processing (Standard 15) are largely compliant.
  • Further progress is needed for ISO 20022 messaging (Standard 1), workflows and processes (Standards 2–6), Unilateral removal (Standard 7), Reporting on flows (Standard 8), and Reference data (Standard 13).

Corporate Actions

• Milestone 12 (External Testing Completed): 24 CSDs have completed external testing, while 14 expect delays.
• Milestone 13 (Implementation Completed): 22 CSDs are confident in meeting the deadline, while 16 expect delays.
• Compliance Status:
  • Compliance is high for standards related to market practices such as rounding rules, negative cash flows, business day conventions, securities amount data, payment times, processing status, and default options.
  • Delays are reported for specific areas such as instruction of corporate actions, meeting events, data for calculating proceeds, consistency of data, elective events, fees on meeting events, and reversals of corporate actions.
  • Delays are noted in several markets, including CY, GR/AthexCSD, IT, NO, SE, UK, and others, with some markets facing up to one year of delay.

Billing Processes

• Milestone 12 (External Testing Completed): 22 CSDs have completed external testing, while 14 expect delays.
• Milestone 13 (Implementation Completed): 24 CSDs plan to implement the standards on time, while 14 expect delays.
• Compliance Status:
  • Compliance is already high, with most CSDs on track.
  • Further efforts are needed to ensure full implementation, particularly for Standard 1 (ISO 20022 messaging).

Key Challenges and Delays

• Delays in TPA Compliance: Three out of seven TPAs are not expected to be compliant until 2026, with one TPA (BNP Paribas) expecting compliance by late 2027.
• Delays in Corporate Actions: Delays are reported in several markets, with some facing up to one year of delay. This is a cause for concern, especially in the euro area.
• Delays in Billing Processes: While most CSDs are on track, a few report delays, and one CSD (Euroclear International) has not yet defined a timeline.

Stakeholder Participation

• 29 out of 30 AMI-SeCo markets participated in the H1 2025 monitoring exercise.
• All seven TPAs and 37 CSDs participated, with custodians also involved.
• More than 110 custodians out of over 170 in the AMI-SeCo community participated in the survey.
• Issuer engagement has started in corporate actions, but more is needed to ensure full compliance.
• National stakeholder groups (NSGs) are crucial for ensuring uniform implementation across markets, and some markets (e.g., Czech Republic, Iceland, Norway, UK) are making progress in establishing NSGs.

Implementation Phases

AMI-SeCo has defined a Monitoring Framework with three phases:

1. Define: Standards were defined for the first three SCoRE activities in 2019.
2. Plan: Adaptation plans were drawn up for each market.
3. Implement: The report focuses on monitoring the implementation of the standards.

ISO 20022 Adoption

• ISO 20022 messaging is a key component of SCoRE standards.
• Adoption status varies across TPAs and CSDs, with some still in the planning or early implementation stages.
• The adoption timeline is being tracked, and further progress is expected in 2025.

Conclusion

The SCoREBOARD report highlights that while progress has been made in implementing the SCoRE standards, there are still significant delays in certain areas and among specific entities. AMI-SeCo continues to monitor the implementation and encourage all stakeholders, including custodians, issuers, and national groups, to ensure full compliance by the agreed deadlines. The initiative is critical for achieving a more integrated and efficient European capital market.