2025-06-24-欧洲央行-第十次合规与进度报告（英）_67页_3mb

SCoREBOARD Tenth Compliance and Progress Report Summary

Scope Overview
The report monitors the implementation of the Single Collateral Management Rulebook for Europe (SCoRE) standards, focusing on Triparty Collateral Management, Corporate Actions, and Billing Processes. Financial market participants have committed to full compliance by June 2025 to support the European Capital Markets Union goals.

Progress towards Milestones

• Triparty Collateral Management: Most TPAs confirmed adherence to statistical standards ("Standard 12" etc.), but delays occurred with workflow and reversal standards. Euroclear Bank and Clearstream Banking Luxembourg remain at milestones 3–13, while JP Morgan reported implementation challenges.
• Corporate Actions: Implementation is behind schedule in Corporate Actions Standards due to coordination challenges, especially with meeting event data. Five markets (CY, GR/AthexCSD, etc.) report delays of several months to one year, with varying impacts.
• Billing Processes: 24 CSDs and four TPAs remain on track, but closer monitoring is required for latecomers. custodians' compliance varies across markets.

Compliance Status

• Collateral Management: TPAs show high compliance with standards like "Partial Allocation" but remain behind on messaging standards.
• Corporate Actions: Compliance peaks in area-specific standards but lags in workflows, particularly meeting events, driven by reliance on intermediaries to adopt standardized processes.
• Billing Processes: High compliance rates observed but challenges remain in certain Standards where fewer changes are required.

ISO 20022 Adoption
Progress is being tracked for the implementation of standardized messaging formats. While early successes exist, specific TPAs and markets lag, necessitating continued monitoring and updates to ensure final compliance by June 2025.

Key Actions National Stakeholder Groups (NSGs) are urged to enhance engagement in markets with low participation and address compliance gaps to maintain timelines.