Via Clearstream, market participants are now able to leverage the ECMS as a single pool of collateral across Europe for both bilateral and tri-party collateral movements. The ECMS, launched by the European Central Bank (ECB), is a unified platform designed to manage collateral for all Eurozone national central banks. The ECMS replaces fragmented national systems with a single, standardized infrastructure, improving cross-border collateral mobility, operational efficiency, and access to central bank liquidity.