Explore the dedicated workstreams established to address specific areas of the T+1 transition.
Each workstream brings together subject matter experts to identify challenges, develop solutions, and drive coordinated progress.
Trading
Description:
The T+1 Trading Workstream focuses on assessing and preparing for the impacts of the transition to T+1 settlement within the EU; its primary aim is to identify and address operational and market-specific challenges across trading venues and broker/dealers, evaluate potential effects on pricing and liquidity, and propose necessary changes to daily trading operations.
Co-lead:
Scott Schroenn, BNP Paribas
Chiara Rossetti, Euronext
Matching & Confirmation
Description:
Trade matching and allocation is focus mainly on SSI inefficiency as it has been recognized as one of the major pain points in the context of settlement matching & settlement efficiency including the ECB AMI-SeCo SEG ‘Barriers to Post-trade Integration’ study.
Detailed market practice and well-documented technical requirements / changes promoting standardization across these three crucial pre-settlement areas will support the market’s transition to T+1. The market practice should consider factors to promote wide adoption whilst the EU T+1 Industry TF should also assess underlying business flows and document possible exceptions.
Co-lead:
Paola Deantoni, Societe Generale
Marcello Topa, Citi
Clearing
Description:
The EU T+1 Clearing Workstream is dedicated to addressing the challenges of Central Counterparty (CCP) clearing processes in the context of accelerated settlement within the European Union. This endeavour necessitates navigating the inherent complexities arising from the diverse clearing & settlement systems, and their varied operating models currently in use across market participants and infrastructure in the region.
Co-lead:
Max Chan, EACH
Zoltan Tkalecz, Citi
Settlement
Description:
The T+1 Settlement Workstream is dedicated to evaluating how securities settlement and related processes should evolve under a T+1 environment, with the goal of maintaining high settlement efficiency while ensuring optimal use of liquidity and inventory. The group will identify operational challenges, propose practical solutions, and define implementation requirements. Its recommendations will support the EU T+1 Industry Committee in shaping a smooth and effective transition across markets and asset classes.
Co-lead:
Arnaud Jochems, Clearstream
Emma Johnson
Scope
Description:
The Scope Workstream within the EU T+1 taskforce is responsible for defining which financial instruments, transactions and transactions types will be included in the new T+1 settlement cycle. It works to ensure a consistent approach across the EU, identifying which securities, such as transferable securities, should be subject to the new rule and market conventions. This workstream is also tasked with pinpointing any necessary exemptions or special considerations for certain transactions, such as some securities financing transactions (SFTs).
Co-lead:
Sachin Mohindra, Goldman Sachs
Roberto De Paolis, BNY
Asset Management
Description:
The Asset Management workstream is tasked with evaluating and preparing the asset management sector for the transition to a T+1 settlement cycle in the EU/EEA, scheduled for October 11, 2027. Its primary aim is to ensure that asset managers can adapt operationally to the shortened settlement timeframe.
Responsibilities:
- Operational Readiness: Assess and guide asset managers on changes required in trade processing, allocation, and confirmation workflows to meet T+1 deadlines.
- Coordination & Communication: Collaborate with other workstreams (e.g., Trading, Settlement, Legal & Regulatory) to ensure alignment across the securities ecosystem. Broader communication effort to bring EU T1 Industry outputs and recommendations to asset management firms across the EU27.
- Regulatory Engagement: Interface with EU authorities (e.g., ESMA, European Commission) to reflect asset management perspectives in regulatory discussions.
Topics Covered:
Cross-Border Complexity: Addressing challenges for global asset managers operating across multiple time zones and jurisdictions.
Trade Lifecycle Compression: Implications for trade matching, allocation, and confirmation timelines.
Cash Management, Custody, Fund Administration & Transfer Agency: Adjustments needed in NAV calculation, FX processing, and fund order routing.
Co-lead:
Jim Goldie, Invesco
Christian Schmaus, Allianz Global Investors
FX
Description:
The FX workstream is responsible for assessing the impact of the EU securities move to T+1 on the wholesale FX markets (FX cash and derivatives, ranging from the provision of liquidity to post trade i.e. across the full lifecycle), making a series of recommendations for market participants to consider in their planning.
Co-lead:
Lisa Danino-Lewis, CLS
Andrew Harvey, GFMA
Additional resources:
A summary of the FX analysis, findings and recommendations to aid market participants in their preparation to the move to T+1 settlement: EU FX Summary
Corporate Events
Description:
The Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo)’s Corporate Events Group (CEG) provides the corporate events related expertise and input to T+1 governance by taking charge of the Corporate Events Workstream.
The CEG identified the necessary changes to achieve higher automation of corporate events processing in view of T+1 and analysed the potential implications of T+1 on the processing of corporate events. The CEG assumes that previously identified issues concerning the processing of corporate events on multi-listed and multi-traded securities will be automatically resolved with the realignment of the EU and North American standard settlement cycles, together with the proposed move of the United Kingdom and Switzerland to a T+1 settlement cycle as of 11 October 2027.
Co-lead:
Michael Collier, JP Morgan
Davide Ren, Euronext Securities
Secretariat:
Gary McNamara, European Central Bank
Operational Timetable
Description:
The Operational Timetable coordination group, operating under the Committee, has coordinated discussions among relevant Technical Workstreams (see Figure 1) to develop a set of market-wide recommendations for a single, standardised operational timetable. Through a phased approach, starting with mapping the current T+2 processes, analysing potential conflicts, and proposing solutions, the group has developed a comprehensive EU T+1 Operational Timetable, with the objective of addressing systemic constraints, cross-border complexities, and automation needs. A series of “gating events” has been identified, i.e. activities and processes that occur after trades are executed (on a trading venue or bilaterally) for the purpose of facilitating the settlement of transactions related to those trades. The sequence and timing of “gating events” constitute the standard operational timetable, as a recommended process flow for all EU settlement systems and participating actors in a T+1 environment. The flow of post-trade activities and securities transactions through “gating events” is strongly encouraged, to increase the likelihood of settlement on the Intended Settlement Date.
Co-lead:
Marcello Topa, Citi
Gareth Jones, Euroclear
Securities Financing Transactions (SFT)
Description:
This stream integrates securities lending and repo, focusing on mitigating the operational, liquidity, and cross-border risks arising from the move to a one‑day settlement cycle. It addresses the need for enhanced automation across the trade lifecycle, practical challenges in implementing partial settlement, interactions with hold/release mechanism, and measures for strengthening intraday liquidity through settlement synchronisation and solutions such as auto-borrowing and auto-collateralisation. The overarching goal is to harmonise post-trade processes across European markets and ensure market readiness and resilience for the T+1 transition by October 2027, while optimising existing practices and minimising additional resource burdens.
Co-lead:
Roy Zimmerhansl, WTS Hansuke
Thomas Hansen, Santander
Legal & Regulatory
Description:
The Legal & Regulatory Workstream supports the EU’s transition to T+1 by identifying and addressing legal and regulatory requirements across EU and national frameworks. It monitors relevant legislation (Level 1 and Level 2), gathers national specificities from technical workstreams, and coordinates drafting proposals to support necessary regulatory changes. The group also contributes to advocacy efforts and responds to consultations where appropriate. Its deliverables include two key reports in 2025—one by the end of Q2 and another by Q4—outlining its analysis and recommendations to the EU T+1 Industry Committee.
Co-lead:
Haroun Boucheta, BNP Paribas
Sujata Wirshing, Deutsche Boerse
