The European Central Bank published an AMI-SeCo migration strategy recommending a coordinated, phased transition to ISO 20022 data and communications for European securities post-trade corporate events and triparty collateral management, anchored in the Single Collateral Management Rulebook for Europe (SCoRE). The strategy targets central securities depositaries (CSDs), triparty agents (TPAs) and their participants in AMI-SeCo markets, while also pushing standardisation upstream from issuers and their agents to issuer CSDs. It sets milestones for harmonised issuer/agent-to-CSD requirements for corporate events (harmonised data and machine-readable messaging requirements by end-2026, implementation of a harmonised data set by end-2027, and harmonised interfaces using user-to-application or application-to-application by end-2028) and proposes a market migration roadmap in phases: from June 2025 CSDs and TPAs offer ISO 20022 alongside ISO 15022; by end-2028 participants must demonstrate SCoRE compliance and provide ISO 20022 to clients on request (general meetings by end-2026 and corporate actions by end-2028); and by end-2030 corporate actions messaging moves to ISO 20022 only, with a post-phase decision on phasing out ISO 15022. For triparty collateral management, phases 2 and 3 are labelled provisional, with phase 2 envisaging ISO 20022 availability on request by end-2028 and phase 3 requiring ISO 20022-only communications for participants connected to Eurosystem Collateral Management System TARGET Services by end-2030, followed by a decision on ISO 15022 decommissioning. From 2026, AMI-SeCo is to monitor progress annually and validate readiness to move between phases, including a formal review by end-2028 to confirm or adjust the provisional 2030 deadline. The report also foresees establishing an execution-focused implementation group to oversee migration and incentives, and engaging with the International Organization for Standardization to address gaps in ISO 20022 data elements where needed.
European Central Bank 2025-12-01
European Central Bank publishes AMI‑SeCo 2030 roadmap for migrating European post‑trade corporate events and triparty collateral management to ISO 20022
The European Central Bank has released an AMI-SeCo migration strategy for transitioning to ISO 20022 in European securities post-trade corporate events and triparty collateral management. The strategy outlines phased milestones for central securities depositaries, triparty agents, and participants, targeting full ISO 20022 adoption by 2030. An implementation group will oversee the migration, with annual progress monitoring and a formal review by 2028 to assess readiness and adjust timelines if necessary.