(Editor’s Note: The Financial Markets Standards Board (FMSB) recently published a paper on “The Future of Financial Markets,” addressing the array of challenges the industry continues to grapple with as it transitions to T+, as well as the realities of moving today’s interconnected global market to the hallowed T+0 settlement. Rich Robinson, U.S. chair of… Read More >>
30% of E.U. Firms Have No T+1 Plans
Almost three in 10 firms have yet to begin any planning for Europe’s T+1 transition, scheduled to take effect on Oct. 11, 2027, according to a new research report, with a further two in ten — representing 19 percent of respondents — still in the process of scoping the necessary work. The remaining firms, however,… Read More >>
Groups Clash Over U.K.’s Approach to T+1 Adherence
Industry groups in the U.K. are clashing over whether the U.K.’s industry-led, principles-based approach to shorter T+1 settlement will be sufficient to facilitate an orderly transition by October 11, 2027. The U.K.’s Accelerated Settlement Taskforce published its final implementation plan, including the T+1 Code of Conduct, on Feb. 6, 2025. The plan outlines the scope,… Read More >>
U.K. Fires Starting Gun on T+1 Settlement
The U.K. Accelerated Settlement Taskforce (AST) has officially kicked off the transition to a T+1 settlement cycle, with backing from the U.K. government, the Bank of England, and the U.K. regulator, the Financial Conduct Authority (FCA). The switch is set for October 11, 2027, marking a major operational shift for UK financial services firms. AST… Read More >>
E.U. Task Force Urges CSDR Adjustment for T+1
European capital markets firms are navigating a long list of regulatory changes required to enable a smooth transition to a shortened, T+1 settlement cycle, likely in 2027 and in coordination with the UK. The European T+1 Industry Task Force, comprised of 21 trade associations, outlined these regulatory changes in a recent work paper — “High-level… Read More >>
T+1 Paves the Way for Modernized Settlement
(In North America, the move to shorter T+1 settlement has helped BNY clients to refocus on the lifecycle of a trade in new ways as they strive for optimal clearing and settlement. So says Brian Ruane in a Q&A with FTF News. A member of BNY’s Executive Committee, Ruane is senior executive vice president and… Read More >>
T+1 Hit Home Harder Than Expected
A new survey from Citi Securities Services is lifting the lid on the widespread ramifications of North America’s recent shift to T+1 settlement, with effects rippling across the entire trade lifecycle. While the DTCC, brokers, and custodians have remained relatively quiet since the May transition, Citi’s Securities Services Evolution 2024 survey shows that 44 percent… Read More >>
India’s T+1 Journey Has Lessons for North America
Nearly a year-and-a-half before the U.S., Canada, Mexico, Argentina, and Jamaica transitioned to a shorter settlement cycle for equities, corporate bonds, and municipal securities, India quietly implemented its T+1 settlement cycle intending to enhance liquidity and operational efficiency for India’s growing domestic markets. India also appears to have made a cost-effective transition — which may… Read More >>
E.U.’s Buy Side Wants T+1 to Happen Sooner
The German buy side is advocating for the earlier adoption of shorter T+1 settlement, amid growing calls for harmonization with the U.K. and Switzerland. The German Investment Funds Association (BVI), which represents 115 fund companies and asset managers with €4 trillion ($4.4 trillion) in assets under management (AUM), is pushing for the European Union to… Read More >>
SEC Kicks Off a T+1 Compliance Sweep
The U.S. Securities and Exchange Commission (SEC) has begun detailed examinations of industry participants to ensure compliance with its new T+1 trade settlement and recordkeeping requirements. Both investment advisors and broker-dealers are being audited to provide information on their policies, procedures, and records related to trade allocation, confirmation, and affirmation processes to the SEC’s Division… Read More >>
