Towards a unified settlement cycle: The path to T+1 in the EU and the UK 

After a prolonged period of consultation between regulators, industry trade associations and market participants, both the EU and the UK have confirmed the mandatory transition to a T+1 settlement regime for financial instruments covered by their respective CSDR regulations on 11 October 2027.

 

Euroclear was an active participant in both consultations and has also committed to providing resources to support both the EU and the UK T+1 taskforces throughout the transition by leading workstreams, contributing as subject matter experts and offering operational support.

 

In our latest report – Towards a unified settlement cycle: The path to T+1 in the EU and the UK – we set the scene for the transition to T+1 and describe how we see the market evolution in the context of T+1. We look at where we are today, the next steps and how we will keep you informed throughout the process.

 

Euroclear’s role in the T+1 transition 

As a linchpin Financial Market Infrastructure (FMI), we are committed to collaborating with all market participants and working towards a smooth and synchronised transition to T+1 in the EU and the UK. We are deploying a senior level team in both leadership and technical roles, leveraging our decades of industry experience and knowledge.

  • Euroclear’s Gareth Jones, Head of Product Management Settlement and Cash, is serving as one of the Co-Chairs of the EU Operational Timetable Technical workstream, also having been invited to be a member of the EU Industry Committee. He is also one of the representatives of the European Central Securities Depositories Association (ECSDA) within the committee.
  • Euroclear’s team of subject matter experts will work on each of the eleven EU Technical workstreams, bringing their detailed specialised knowledge in their chosen respective fields to help identify issues solve problems and propose new processes where needed.
  • Within the UK Taskforce, Charles Pugh, Product Manager at Euroclear UK & Ireland is one of the Scope workstream leads and will also be supported by subject matter experts.

Euroclear is also supporting the UK T+1 Accelerated Settlement by providing programme management and industry engagement support, running the PMO throughout its work until the mission is completed in 2027.