2008年-ECB欧洲央行_CCBM2_User_Requirements_41_201页_1mb

CCBM2 Summary

Core Content

CCBM2 (Collateral Central Bank Management) is a next-generation platform for managing collateral within the Eurosystem. It aims to consolidate and improve the efficiency of collateral handling, reduce costs, and enhance liquidity management. The project is developed in parallel with the TARGET2-Securities (T2S) project to leverage synergies and avoid duplication.

CCBM2 is a voluntary platform that allows National Central Banks (NCBs) of the Eurosystem to participate. It is designed to support both domestic and cross-border collateral management, and includes functionalities for various collateralisation techniques such as pledge, repo, pooling, and earmarking. The system is built on a modular architecture, allowing NCBs to choose which modules to use based on their internal and market needs.

Main Objectives

• Consolidate and increase the efficiency of Eurosystem's internal collateral management systems.
• Address the drawbacks of the current CCBM system by optimising the cost of collateral mobilisation.
• Enhance liquidity management.
• Provide a harmonised IT platform for handling eligible collateral for Eurosystem credit operations.
• Support real-time processing of collateral transactions through straight-through-processing (STP) methods.

Key Functional Modules

1. Message Router (Mandatory)

• Acts as the central communication hub between CCBM2 and external systems.
• Handles data routing between CCBM2 modules and other systems.
• Supports communication via SWIFTNet, EXDI, and secure internet access.
• Includes a Workflow Manager that defines and processes routing paths for instructions based on pre-defined workflows, incoming information, and static data.
• Provides A2A (Application-to-Application) and U2A (User-to-Application) interfaces for data exchange.

2. Credit & Collateral Module (Optional)

• Enables NCBs to centralise collateral management for monetary policy operations.
• Supports pooling and earmarking of collateral.
• Manages credit provision, including intraday credit in TARGET2.
• Offers auto-collateralisation functionality for T2S.
• Handles concentration limits, liquidity absorbing reverse transactions, and fixed term deposits.

3. Securities Module (Optional)

• Manages settlement instructions and custody of securities.
• Supports pledge and repo mechanisms, both in DvP and FoP modes.
• Processes mobilisation and demobilisation requests, validations, and updates to securities records.
• Handles coupon payments and redemption of securities.
• Provides data for daily reconciliation with (I)CSDs and CCBM2.

4. Credit Claims Module (Optional)

• Accepts non-marketable assets (such as Retail Mortgage-Backed Debt instruments) as collateral.
• Supports manual and bulk entry of credit claims data.
• Manages mobilisation and demobilisation of credit claims.
• Pricing and valuation of credit claims are handled within the module.
• Credit claims are administered via pooling.

5. Support Functions

• Static Data Management: Central repository for reference data, including actors, administration, and authorisation details.
• Monitoring & Reporting: Tools for tracking and reporting on credit and collateral activities, including real-time and historical data.
• Supports the four-eyes principle for critical operations.
• Provides access to pre-defined reports and flexible reporting from the SRDB.

Key Principles

1. Voluntary Participation: CCBM2 is not mandatory, but it is compatible and interoperable with the current CCBM procedures.
2. Modularity: NCBs can choose optional modules based on internal and local market needs.
3. Real-Time Processing: CCBM2 supports STP, enabling faster credit provision and collateral adjustments.
4. Harmonisation: Aims to increase harmonisation in communication standards, especially in line with the removal of the Giovannini barrier.
5. Interoperability: Fully compatible with TARGET2 and T2S, including their interfaces and settlement procedures.
6. Decentralisation of Access: NCBs retain legal and business relationships with counterparties and (I)CSDs, and CCBM2 does not appear as a separate legal entity.
7. Security and Availability: Compliant with ESCB-level security requirements and availability standards, aligned with TARGET2 and T2S operations.

ICT Infrastructure

• Centralised structure with high levels of continuity, security, and availability.
• High degree of automation ensuring confidentiality, integrity, and data recovery.
• Complies with ESCB ICT principles and standards.
• Supports secure communication channels such as SWIFTNet, EXDI, and secure internet access.

Synergies with Other Systems

• TARGET2: CCBM2 closely interacts with TARGET2 for payment-related operations and will support T2S for securities transactions.
• T2S: CCBM2 is developed in parallel with T2S to avoid overlap and exploit synergies.
• SSS (Securities Settlement Systems): CCBM2 supports interaction with SSSs, both before and after T2S implementation.
• PHA (Proprietary Home Accounting): CCBM2 supports PHAs that use harmonised standards.

Optional Features

• Connection to NCB Collateral Management Systems (NCB CMS): Allows interaction with existing systems.
• Interaction with External CMS: For tri-party services and other external collateral management needs.
• Liquidity absorbing reverse transactions: Includes the collection of fixed term deposits.
• Auto-collateralisation: Supports automatic collateral management in T2S.
• Emergency collateral: Handles situations where standard collateral is not available, including the use of foreign collateral.

Conclusion

CCBM2 represents a significant evolution in Eurosystem collateral management. It offers a flexible, modular, and harmonised IT platform that supports both domestic and cross-border operations, enhances real-time processing, and improves overall efficiency. The system is designed to work seamlessly with TARGET2, T2S, and other relevant Eurosystem applications, while ensuring compliance with security, availability, and ICT standards.