The European Central Bank published the Eurosystem AMI-SeCo SCoREBOARD eleventh compliance and progress report, presenting second-half 2025 monitoring results on market participants’ implementation of the Single Collateral Management Rulebook for Europe (SCoRE) standards for triparty collateral management, corporate actions and billing processes. With the final implementation milestone deadline of 16 June 2025 now passed, the report indicates that compliance remains uneven and in several cases delayed, including instances where entities reported meeting the final milestone without full compliance with all standards. The monitoring covered 29 of 32 AMI-SeCo markets and included all seven monitored triparty agents and 37 monitored central securities depositories (CSDs), alongside more than 100 of 170-plus custodians and 41 issuers and issuer associations. For triparty collateral management, only Clearstream Banking Luxembourg reported full implementation by November 2025, with SIX SIS and BNP Paribas targeting 2026, while several other triparty agents still needed to confirm detailed milestone dates and update adaptation plans. For corporate actions, 20 of 38 CSDs reported having implemented the standards by the survey closing date, but for 18 of those CSDs implementation was not fully achieved, implying interim manual workarounds, while delays ranged from months to one year in some euro area markets and up to two years in several non-euro area markets. Billing processes implementation was reported as completed by 21 of 38 CSDs and by two triparty agents (Euroclear Bank and Euroclear France), but a number of CSDs and triparty agents indicated later compliance dates extending into 2026 and beyond, with ISO 20022 messaging remaining a key area where full implementation is still pending for some entities. The SCoRE Secretariat will follow up with national stakeholder groups on standards and markets that are behind schedule and continue to seek clarification of detailed milestone dates where delays have been identified, while the impact of entities not being fully compliant on time will be assessed separately from the monitoring report. The report also notes a need for increased engagement with custodians and issuers, including checks on the completeness of custodians’ external communication documentation that may lead to revised compliance assessments if gaps are found.
European Central Bank 2025-12-19
European Central Bank SCoREBOARD report finds delayed implementation of SCoRE collateral, corporate actions and billing standards beyond the June 2025 deadline
The European Central Bank's Eurosystem AMI-SeCo SCoREBOARD report shows uneven compliance with the Single Collateral Management Rulebook for Europe (SCoRE) standards, despite the final implementation milestone passing in June 2025. Only Clearstream Banking Luxembourg achieved full implementation for triparty collateral management by November 2025, with others targeting 2026. Delays in corporate actions and billing processes persist, with some compliance dates extending into 2026 and beyond, prompting further follow-up by the SCoRE Secretariat.