T+1 Readiness: Second Industry Survey Results
3 July 2026 · EU T+1 Industry Committee, in partnership with The ValueExchange
Europe’s transition to T+1 settlement is well underway. The Committee’s second market-wide readiness survey — a follow-up to the baseline survey conducted at the end of 2025 — gives the clearest picture yet of how the industry is preparing for the 11 October 2027 deadline. The results give real reason for optimism, while also pointing to where continued focus and coordination are needed.
The industry is mobilising
Awareness and engagement continue to rise. 83% of firms are now actively preparing for T+1, and 58% already have a formal implementation plan — more than double the level reported six months ago.
Readiness is progressing, but unevenly
Large infrastructures, custodians and major intermediaries are generally well advanced. Asset managers, pension funds and smaller firms continue to lag, and in some cases implementation plans are not expected to be finalised until the first quarter of 2027.
The focus has shifted from understanding to execution
Firms are now less concerned with interpreting the requirements of T+1, and more focused on dependencies on counterparties, intermediaries and technology providers — now cited by 64% of respondents as the principal implementation challenge.
Communication across the value chain remains a key risk
More than half of firms are still waiting for additional guidance from intermediaries, while only around a third express strong confidence that their counterparties will be fully ready.
Automation is still one of the biggest challenges
Adoption is increasing, but many firms remain behind schedule in automating allocations, confirmations, standing settlement instructions and other middle-office processes that are essential for operating in T+1.
Testing is becoming the critical phase
The largest firms are generally ready to begin testing, but awareness of industry testing plans and readiness among smaller participants remain uneven — making coordinated, market-wide testing essential in the months ahead.
Most firms expect to meet the deadline
More than 90% of respondents anticipate being operationally ready by go-live, although specific workstreams — notably middle office, settlement processes and certain fund-related activities — still present implementation risk.
“The question is no longer whether Europe will move to T+1 — that date is fixed. The question the industry is now asking is how we all get there together, on the same day, as one market.”
— Giovanni Sabatini, Independent Chair, EU T+1 Industry Committee
Our overall assessment
The transition has clearly moved from planning to execution. The remaining challenge is no longer defining what needs to be done, but ensuring that implementation progresses consistently across the entire European post-trade ecosystem — because, in a market this interconnected, no single firm’s readiness stands alone.
T+1 Readiness: First Industry Survey Results
The First Industry Survey was conducted in December 2025, with deadline for responses on 2 January 2026.
- ValueExchange Key Findings of the first survey were published in February 2026
Data transparency
Aggregate results are anonymised and publicly available. No individual firms will be identified.
The first and second Industry Surveys were conducted by The Value Exchange on behalf of the EU T+1 Industry Committee.
