记分牌 - 第十一次合规与进度报告

EleventhCompliance andProgressReportAdvisory Group on Market Infrastructures forSecurities and Collateral December2025 Contents Executive summary2Markets participating in the survey and entities monitored3Progress towards milestones3Compliance with the SCoRE Standards6Background8Structure of this report111Participants in the H2 2025 monitoring exercise122Progress towards the milestones132.1Progress towards the milestones–Triparty CollateralManagement Standards142.2Progress towards the milestones–Corporate Actions Standards152.3Progress towards the milestones–Billing Processes Standards193Compliance with the standards defined for each activity233.1Compliance with the Triparty Collateral Management Standards233.2Compliance with the Corporate Actions Standards263.3Compliance with the Billing Processes Standards424ISO 20022 adoption48Annex 1: Markets participating in the surveys and monitored entities49Annex 2: Methodology applied for the monitoring exercise51Annex 3: Detailed status of implementation of Corporate Actions andBilling Processes Standards by custodians53 Executive summary This report is part of a series of regular reports published by the Eurosystem’sAdvisory Group on Market Infrastructures for Securities and Collateral(AMI-SeCo) covering the progress made in defining and assessing compliancewith thestandards included in the Single Collateral Management Rulebook forEurope (SCoRE), notably the SCoRE Standards for Triparty CollateralManagement, Corporate Actions and Billing Processes. The SCoREBOARDsurveyresults provide an overview of the status ofimplementationbymarket participantsof the SCoRE Standards. AMI-SeCo aims to define further SCoRE Standards to make collateralmanagement more integrated and thus more efficient in and across allAMI-SeCo markets. Thisreport presents the results of themonitoring exercise carried out for thesecondhalf of 2025(data asof10 October2025) and covers four main areas, as outlined inFigure1. In thismonitoring exercise, participants were expected to have reachedthe finalMilestone13:SCoRE Standards Implemented.According to the deadlines set forthe milestones, the monitored entitieswere expected to haveimplementedthe SCoREStandardsby16 June 2025(Table 1). The survey was open for the submission of responses until10 October2025:monitored entities were asked whether they wouldhaveachievedfull compliance withthe standards, i.e.metMilestone 13, bythesurvey closing date. Markets participating in the survey andentities monitored This monitoring exercise covers 29 of the32AMI-SeCo marketsmonitored.1Allsevenmonitoredtriparty agents (TPAs)and 37monitoredcentral securities depositories(CSDs)took partin the survey. Asalready pointed outin previoussurveys,increasedengagement withcustodians and issuers in AMI-SeCo markets is needed tomakesurvey outcomesmore representative. Progress towards milestones In each survey, respondents are invited to indicatewhether(i) they are still on track toachieve future milestonesbythe corresponding deadlines, (ii) current milestones to bemet within the reporting period (see Section 2) havein factbeenreached,and (iii) pastmilestones have been met. It should be noted that, insome cases,entities reportedthat they hadreached the finalmilestonedespite notyethavingachieved full compliance with allthestandards. Inseveralcases the survey resultssuggestthere are delays inachieving compliancewith the SCoREStandards.The entities concerned need to makeefforts toensuretheyachieve full compliance with all standardsas soon as possible.The impact ofrelevant entities not being fully compliant with the SCoREStandardson timewill beassessed separatelyfrom the monitoring report. Triparty Collateral Management There have been delays intheimplementation of the SCoRETripartyCollateralManagement Standards.Only oneTPA willachieve compliancebytheendof2025,andtwoout of sevenTPAs are expected to be compliantin2026. Currentmilestone •Clearstream Banking Luxembourg (CBL)will fullyimplement the standards byNovember2025. •TwoTPAs (BNP Paribas andSIX SIS) have stated that they will implement thestandardsin2026, although their timing forachieving Milestones 9 to 12 needstobe clarified further.BNY,Euroclear Bank, Euroclear France and JP Morgan stillhave to specify their exact dates for achieving the different implementationmilestones. Corporate Actions The implementation of the SCoRE Corporate ActionsStandardsisbehind scheduleinthe area ofinterim adaptationsand testing. Although thisraisessome concerns,mostCSDs(20out of 38)reportedthat they hadachieved compliance bythesurvey closingdate.However, it is noted that,for most ofthose CSDs(18 out of 20), implementationis not fully achieved (seeTable 3). This results in a need for manual workaroundsforspecific casesin the interim period until the standards have been fully implemented(those CSDs have also not yet communicated the implementation date for thesenon-compliant cases). The delaysreported bynineCSDsrangefromseve