Stay informed on the latest developments around the T+1 transition. This section features key industry events, Committee-hosted sessions, and media coverage that highlight progress, insights, and perspectives from across the market.
T+1 and Europe’s competitiveness
13 November 2025
The decision to move to a T+1 settlement cycle in Europe is more than a regulatory imperative. Sara Ben Rhouma of PwC Milan asks Giovanni Sabatini, chair of the EU T+1 Industry Committee, how it aims to make Europe more competitive.
Click here to watch the video: http://bit.ly/3KeJZq8
What do ESMA’s standards on settlement discipline mean for firms preparing for T+1?
11 November 2025
ESMA has just published new regulatory technical standards for settlement discipline, which will reshape how markets prepare. Sara Ben Rhouma of PwC Milan asks Giovanni Sabatini, chair of the EU T+1 Industry Committee, what it means for firms preparing for the shift.
Click here to watch the video: https://bit.ly/49rQQqt
Industry Response to EU T+1 High-Level Roadmap: A Call for Individual Action
19 October 2025
The EU T+1 Industry Committee’s consultation on the high-level roadmap recommendations has concluded, providing valuable insights into industry sentiment and preparedness for the transition to T+1 settlement. The feedback received reflects a diverse cross-section of market participants, including banks, asset managers, custodians, market infrastructures, and industry associations across Europe and beyond.
Engagement and Industry Participation
The consultation attracted responses from a broad spectrum of organisations representing different segments of the European securities markets ecosystem. The responses reflect the inclusive approach taken throughout the technical workstream process, where stakeholders have had ongoing opportunities to contribute and shape the recommendations as they developed.
For those not yet engaged in the technical workstreams, this represents an open invitation to join these wholly inclusive forums where the detailed work of T+1 preparation continues.
Key Themes from Industry Feedback
Timeline and Implementation Concerns
A significant portion of feedback focused on timeline-related questions, particularly around cut-off times and settlement processes. Several respondents sought clarification on the “adhere or explain” approach, demonstrating the need for clearer guidance on how organisations can adapt the recommendations to their specific operational contexts.
Questions emerged about alignment with other regional timelines, particularly regarding APAC market participants and their ability to meet European cut-offs.
Settlement Process Clarifications
Some responses revealed misconceptions about settlement alternatives. Organisations must understand that missing overnight settlement cycles doesn’t prevent T+1 settlement – trades can still settle through real-time gross settlement during daytime cycles. This flexibility is built into the system design, but requires proper planning and understanding of each organisation’s specific settlement flows.
Geographic and Structural Considerations
Feedback highlighted the need for education about European market structures, particularly among non-European participants. Questions about why EU cut-offs don’t align exactly with UK timelines, for instance, reflect the need to explain the different settlement infrastructures (T2S versus Crest) and their respective operational requirements.
The Mountain Climber’s Equipment Check: Why Individual Assessment Matters
Think of T+1 readiness like preparing for a mountain climb. When climbers prepare for an ascent, each must carefully check their own equipment – their boots, ropes, and safety gear. A climber cannot simply look at their colleague’s shiny new equipment and assume it will work for their climb. Each person’s fitness level, climbing style, and route may be different.
The same principle applies to T+1 transformation. Each organisation operates with different business models, client bases, technology infrastructures, and operational processes. What works for one institution may not be suitable for another.
Your Individual Impact Assessment: The Essential First Step
The consultation feedback reinforced a critical message: every organisation must conduct its own comprehensive impact assessment. This isn’t a compliance exercise where you can copy your neighbour’s homework – it’s a fundamental business transformation that requires a deep understanding of your own operations.
Your impact assessment should examine:
- Your current settlement flows and processes
- Technology infrastructure and automation levels
- Client communication and instruction timelines
- Dependencies on service providers and market infrastructures
- Specific challenges within your business model
Beyond Individual Assessment: Understanding Your Ecosystem
While individual preparation is essential, T+1 success depends on ecosystem-wide coordination. Organisations must identify their dependencies and communicate with their service providers, custodians, and market infrastructure providers about their adaptation plans.
For Financial Market Infrastructures (FMIs), there’s a particular urgency to provide clear information about service adaptations and explain how non-adherence to specific recommendations might be managed without detriment to market participants.
The Path Forward: Collaboration Through Individual Responsibility
T+1 is not simply a compliance exercise – it’s an industry collaboration where each participant’s readiness contributes to collective success. However, this collaboration begins with individual responsibility.
Organisations cannot wait for their neighbours to act first. The urgency lies in understanding your own readiness requirements and beginning your transformation journey. Only by understanding your own “climbing capabilities” can you then work effectively with your ecosystem partners.
Existing and Upcoming Resources and Support
Industry participants already have the necessary information and framework required to assess impact and commence planning for the T+1 transition. The Commission and ESMA have published the legal framework through amendments to the CSDR and regulatory technical standards on settlement discipline. The EU T+1 Industry Committee’s high-level roadmap identifies the scope and provides clear recommendations. These publications provide the framework to enable your budgeting, planning and implementation.
The Industry Committee continues to develop resources to support your readiness journey:
- Detailed Implementation Manual – providing technical guidance for specific operational challenges, addressing some of the issues raised in the consultation feedback
- Comprehensive FAQ Document – addressing common questions and misconceptions
- Myth-busting Content – clarifying widespread misunderstandings about T+1 requirements
These resources supplement the existing framework rather than address gaps. Additionally, they complement, but cannot replace, your individual impact assessment and transformation planning.
Take Action Now
The consultation feedback demonstrates that while the industry recognises the importance of T+1 preparation, many organisations are still in the early stages of their readiness journey. The time for waiting is over.
Start your impact assessment today. Understand your own equipment before looking at others’. Join the technical workstreams if you haven’t already. Engage with your service providers and market infrastructures about their adaptation plans.
T+1 success requires every climber to be properly equipped for their own journey up the mountain. The summit is achievable, but only if we each take responsibility for our individual preparation while supporting our fellow climbers along the way.
The EU T+1 Industry Committee’s technical workstreams remain open to all market participants. For more information on how to participate or access resources, visit our website or contact the Secretariat.
Why T+1 Is More Than Post-Trade Reform: Insights from Sibos and AFME Optic
8 October 2025
EU T+1 Industry Committee Chair Giovanni Sabatini reflects on pivotal discussions about the mandatory move to a shorter settlement cycle.
It’s been a busy two weeks on the road and away from the Alps. Thank you to the Sibos and AFME Optic teams for inviting me to share insights on Europe’s capital markets future and the critical role T+1 settlement plays in that transformation.
At Sibos, I discussed capital market reforms in attracting global investors on a panel with James Fok, Margaret Harewood-Jones, and Roberto Gonzalez Barrera, using the European Commission’s decision to move to T+1 as a case study of how ambitious reform can be executed. At Optic, I joined my friend Andrew Douglas, Chair of the UK Accelerated Settlement Taskforce, to discuss EU-UK market alignment, updates on the EU T+1 Industry Committee’s work, and what’s needed in Q4 2025.
Key Takeaways
Attracting Investors: T+1 as Strategic Infrastructure
T+1’s impacts extend far beyond post-trade operations. It’s a strategic play aimed at removing market misalignment (and related costs for issuers, investors, and brokers), reducing counterparty credit risk, unleashing liquidity, promoting automation and standardisation, and paving the way for truly integrated capital markets.
Setting the Pace for the Savings and Investments Union (SIU)
The European Commission and ESMA gave the EU T+1 Industry Committee a clear goal, enabling us as guides to set the pace and provide the tools. This governance structure meant that in less than six months, we published a high-level roadmap for the transition—created by the industry, for the industry. This collaborative model could be replicated to accelerate the broader SIU agenda.
Rethinking EU Financial Market Architecture
This governance framework could serve as a blueprint for reconsidering the EU’s financial markets institutional architecture to meet the goals of banking regulations that support stability, competitiveness, simplification, and mobilising savings into productive investment.
The Lennon and McCartney Effect: UK-EU Collaboration
Like the debate over who was the better songwriter, there’s no rivalry between the UK and EU in the race to T+1—we’re working together to avoid misalignment. We share the same mission, values, and approach. This collaboration has also helped build a strong personal relationship between myself and Andrew Douglas.
Start Your Climb: The Urgency is Real
T+1 is mandated in regulation and will not be delayed. EU and national supervisors will consider our recommendations in their supervisory activities, and ESMA will soon publish its Regulatory Technical Standards on settlement discipline.
If you are not prepared to move to T+1 in the agreed timeframe, the risk is real: loss of competitiveness, reduced liquidity, and potentially being forced out of the market. Automation, standardisation, and adoption of straight-through processing (STP) are essential—not just for compliance, but to remain competitive. T+1 represents a major business opportunity for first movers.
Public authorities have a critical role in monitoring implementation, with specific focus on smaller market participants in the periphery of EU financial systems.
We’ll monitor preparation with the launch of a survey in January 2026.
Don’t Wait. Use This Quarter.
If you’re a small asset manager, don’t wait for your brokers or custodian banks to solve their problems for T+1 readiness. Each market and participant faces different challenges, so the first step for all is to thoroughly assess the impact of T+1 on your organisation, procedures, and IT systems—then engage your brokers and custodians with specific requirements.
The time to act is now.
EU T+1: Climbers, Start Your Climb Now
11 September 2025
Like mountain climbing, the move to a shorter settlement cycle in Europe will stretch all capital markets participants, whether they’ve done it before or not. The EU T+1 Industry Committee’s recommended actions are out – it’s now market participants’ duty to start the climb.
Europe faces a steep mountain: it will transition to a shorter settlement cycle for securities, with peaks that demand a strategic approach, careful planning, and the right equipment.
It’s a summit worth the ascent. EU T+1 will reduce risk and operational friction, enhancing the efficiency and attractiveness of EU capital markets to investors. But with multiple markets across the region, it’s a complex climb. The EU T+1 Industry Committee (IC) – your expedition guides – published a high-level roadmap with 71 recommendations to help market participants achieve a successful transition. That roadmap establishes a basecamp for the ascent and will evolve with your feedback but will not fundamentally change (i.e., no roadmap v2), so don’t delay.
The route is mapped. Time to gear up.
The responsibilities are clear: the committee has done its job as “guides,” now everyone else must do theirs.
In our Basecamp Readiness Series, we provide readiness considerations and checklists, address common misconceptions such as solely relying on US experience, and share case studies and lessons learned from markets that have transitioned.
We Are the Guide, You Are the Climber
The EU T+1 IC has prepared the roadmap and identified necessary actions, but stakeholders must now take responsibility and act. Don’t wait for others – fund managers shouldn’t wait for custodian banks, custodian banks shouldn’t wait for fund managers. Instead, assess your own impact on liquidity management, inventory management, and trading strategies, then approach service providers with your specific plan for transitioning to T+1.
Engage with T+1 now – both internally and with counterparts, service providers, and technical providers. Don’t wait for perfect allocation of responsibilities; everyone has significant work to do.
Basecamp Checklist: 3 Things You Must Know
1. This Is a Mandatory Climb – No Opt-Outs
The decision to move to T+1 is irrevocable and will occur in coordination across the region, which means market participants face a mandatory climb. On October 11, 2027, markets will move together.
Using the roadmap as your guide, impact analysis, budget planning, and resource allocation are required NOW for 2026 implementation and testing in 2027.
Start impact assessments and client communication immediately. Use the high-level roadmap, which covers the entire post-trade lifecycle. Begin evaluating the impact on your systems, procedures, and business models today.
2. It’s Much Bigger Than Settlement
T+1 impact extends far beyond settlements. Less than 20% of recommendations in the roadmap are settlement-focused, and successful transition requires strategic and technical expertise across firms, financial market infrastructures, and public authorities.
That’s right: T+1 affects ALL market participants and operational processes.
In basic terms, the current market change processes we know today (in T+2) won’t exist in T+1. The timing of every operational process between trade and settlement will potentially change. Liquidity management, procedures, and contracts all require adjustment, affecting everyone in the post-trade lifecycle.
Specific impacts include: • Treasury departments: Liquidity management transformation • Custody operations: Comprehensive workflow enhancements • Asset managers: Accelerated confirmation processes • Trading desks: Modified settlement risk management
3. Europe ≠ US Experience
Don’t rely solely on US transition experience.
Europe has different technical and material complexities. Learn from the Americas but conduct region-specific impact assessments.
Previous transition experience should not provide comfort or complacency due to the many specificities and complexities of the EU transition. Just because it went smoothly in the US does not mean the European transition should be considered straightforward.
We’re With You at Every Step
As your guides, the EU T+1 IC will continue supporting the transition through: • Completing sector recommendations on SSI standardization, matching, settlement instructions, and partials • Ongoing discussions with the ECB on settlement efficiency for repos • Developing a practical “Playbook” with implementation examples • Establishing monitoring through public surveys and coordinated testing methodology
The exact impact on post-trade processes such as SSI standardization, partial settlements, and settlement efficiency for repos continues to evolve. We’re continuing work on these open issues to deliver clarifications and addenda to the roadmap by end of 2025.
Market participants should share technical challenges and operational hurdles with us. This input directly informs the upcoming Playbook of best practices (due end of 2025), which will contain practical examples on how to implement our recommendations. The guide will help climbers adapt to altitude by testing readiness with practice runs ahead of the final ascent.
EU Public Authorities and NCAs: Supporting the Transition
Public and private cooperation is essential in this transition. These are the Industry Committee’s recommendations – it is up to public authorities and NCAs to determine if they wish to make any of these recommendations enforceable. The IC has no enforcement power, but we encourage national authorities to support local industry efforts, as the T+1 transition is mandatory under EU legislation by October 11, 2027.
The EU T+1 IC will monitor implementation by promoting public surveys and coordinating with EU public authorities through the coordination committee while developing common testing methodologies.
Stay tuned for our upcoming deep dives into each of the critical impact areas: Treasury and liquidity management, custody operations, asset manager workflows, and trading desk adaptations. Each analysis will provide detailed considerations and practical implementation guidance for your T+1 transition journey.
PostTrade 360° T+1 panel: The clock is ticking
2-4 September 2025
Starting now, complexity challenge and automation, and industry readiness polls were key themes discussed at the PostTrade 360°2025 meeting in Stockholm
The city of Stockholm, which was built upon 14 interconnected islands and is a gateway to a vast archipelago of 30,000 more islands, is the perfect location to discuss post-trade connectivity as Europe prepares for T+1.
With upgrades to the Swedish central securities depository in March 2025 and ongoing work to integrate into a new system providing a single access point to all European markets by 2026, it seemed fitting that PostTrade 360°’s two-day annual meeting this year convened in the Swedish capital to cover topics such as industry collaboration needed to accelerate settlement cycles.
500 Days and Counting: A Wake-Up Call for the Industry
EU T+1 Industry Committee Chair Giovanni Sabatini’s stark warning reverberated through the conference: “If you convert the two years into numbers of working days, this result is even more scary, because you have 500 days to act on a lot of post-trade impacts.” The October 11, 2027, deadline for European markets to transition from T+2 to T+1 settlement is approaching faster than many realise, yet the industry readiness polling results raised concerns.
The panel, featuring senior representatives from major investment banks, custodians, and market infrastructure providers, delivered a reality check. When asked about their organisation’s T+1 readiness, a worrying 33% of attendees admitted they “haven’t done anything yet” – a statistic that left the panellists visibly concerned.
The Complexity Challenge: EU is Not the US
One of the most dangerous misconceptions addressed was the assumption that European firms could simply replicate the US approach. As Sabatini emphasised, “Someone says, ‘Well, we have been able to manage the transition in US, so we will do the same in the EU.’ Well, of course, lessons learned in the US will help, but consider the additional complexity of the European landscape. We have 27 different jurisdictions with national specificities, cross-border trades, FX transactions, and different time zones.”
The panel highlighted three critical lessons from the US transition that Europe must adapt rather than copy wholesale:
- Infrastructure integration: The US benefited from fully integrated front-to-back solutions from matching through settlement, which Europe lacks
- Clearing efficiency: The US achieved a 98% compression ratio through extensive clearing house usage, significantly reducing settlement volumes
- Scope clarity: Ironically, the US only clarified the scope for foreign securities three months before go-live, while Europe is addressing this three years in advance
The Automation Imperative
A senior representative from a market participant shared compelling statistics: their firm achieved a 99.9% same-day affirmation rate through implementing enhanced matching services. This wasn’t merely an operational improvement – it represented a commercial transformation that enabled greater client efficiency.
The message was clear: manual processes won’t survive T+1. A market infrastructure executive noted that simply accelerating existing manual processes would be insufficient, explaining that some manual workflows simply cannot function in a T+1 environment.
The Long Tail Problem
A senior custodian executive identified a critical challenge: reaching the industry’s long tail, particularly smaller asset managers still operating on manual processes with fax-based trade confirmations. The solution lies with the intermediaries in the room – custodians and brokers who must cascade information to their clients. As one panel member emphasised, every asset manager requires a broker or custodian to conduct business, making these intermediaries the primary mechanism for reaching smaller firms.
Financial Reality Check
The panel delivered a stark warning about delayed action. A survey revealed that 30% of the US asset management industry had done nothing three months before go-live, resulting in a 16-18% increase in back-office staff costs post-transition as firms threw bodies at problems instead of investing in automation.
The message was unambiguous: the market will move with or without laggards, and those unprepared face financial penalties at minimum, or potentially being shut out of business entirely if they become too costly or risky to deal with.
Beyond Settlement: The Ripple Effects
The discussion revealed T+1’s far-reaching impact beyond simple settlement acceleration. Asset managers face cascading changes from custody settlement affecting fund redemptions, subscriptions, and NAV calculations. Europe’s 35,000 UCITS funds with redemption periods ranging from T+0 to T+5 will need comprehensive restructuring.
A market infrastructure representative highlighted often-overlooked areas like asset servicing, noting surprises during the US transition, and the complex dynamics around derivative exercises and assignments where different market participants are pushing for opposing approaches.
The Road Ahead
The EU T+1 industry committee continues work on three critical areas: SSI (Standing Settlement Instructions), partials, and repo segment optimisation, with additional recommendations expected by November 2025 and a comprehensive playbook by early 2026.
However, success requires unprecedented coordination between industry committees, technical working groups, and public authorities across 27 member states and 30 CSDs. The regulatory framework through amended CSDR will mandate compliance, but enforcement relies on national competent authorities.
The Verdict: Start Now or Risk Being Left Behind
The panel’s unanimous verdict was clear: this represents a critical priority requiring immediate action. Giovanni’s analogy resonated – he chose T+1 work over retirement rock climbing because, as he quipped, “T+1 summit is a greater goal.”
With digital assets already operating on instant settlement and traditional markets moving toward T+0 discussions, T+1 represents not just operational change but preparation for an entirely different financial infrastructure future.
The clock is ticking. 500 working days may sound like a lot, but for organisations needing to overhaul systems, processes, and behaviours across complex European markets, it’s barely enough time – if they start now.
Brussels launch event
July, 03 2025
On 3 July 2025, the EU T+1 Industry Committee held its Launch Event in Brussels, marking the official presentation of the High-Level Roadmap for the transition to a T+1 settlement cycle in the European Union. The event brought together regulators, market infrastructures, and industry participants to outline the shared vision, governance framework, and next steps toward the transition, targeted for 11 October 2027.
It also opened the public consultation period (4 July – 31 August 2025), inviting stakeholders across the financial ecosystem to contribute feedback on the roadmap. The launch highlighted the importance of automation, standardisation, and cross-border coordination, ensuring that Europe’s capital markets remain efficient, resilient, and globally competitive.
