Press Release – European T+1 Industry Task Force publishes Roadmap for Adoption of T+1 in EU securities markets
October 2024 – European T+1 Industry Task Force publishes Roadmap for Adoption of T+1 in EU securities markets
“The European T+1 Industry Task Force has today published a report outlining its preliminary analysis on the regulatory, technical, and operational changes required to facilitate a successful transition to T+1 in EU securities markets.
The Task Force is supportive of the EU moving to T+1, and promotes a coordinated approach with key regional partners including the UK and Switzerland.
The report highlights that a successful transition requires further industry focus on improving the efficiency of existing post-trade processes.
There is clear consensus that September-October is the optimal period for the move to take effect, with a 24-36 month transition period envisaged.
As a next step, the Task Force calls for EU public authorities to make a formal commitment to moving to T+1, and provide a mandate for a broad industry stakeholder group to take forward the next phase of work. The Task Force is fully committed to supporting the next phase of work.”
About the European T+1 Task Force:
The Task Force was established in 2023, to bring together a diverse group of industry stakeholders who would be impacted by a potential move to a default T+1 securities settlement cycle. The Task Force contains representation from industry associations representing all types of market participant, including buy-side, sell-side and market infrastructures.
To date, the Task Force has conducted analysis on the potential impacts and challenges for European players from the North American migration to T+1 taking place in May 2024 and some initial factfinding across different subgroups about impacts of a potential EU move to T+1 in anticipation of ESMA’s work. The Task Force also submitted a joint statement in response to the ESMA Call for Evidence on Shortening the Settlement Cycle in December 2023.
The Task Force is open to participation from any industry association representing securities market participants who would be impacted by T+1. Interested parties are invited to contact peter.tomlinson@afme.eu