European T+1 Industry Task Force comments on recent UK report on moving to T+1 and outlines its next steps ​

FIA EPTA joins industry associations in welcoming a recent UK report on moving to T+1 settlement

9 April 2024

The European T+1 Industry Task Force, comprised of industry associations including FIA EPTA, has welcomed the recent publication of a report by the UK Accelerated Settlement Task Force.

In a statement issued today, the European T+1 Industry Task Force says:

“The European T+1 Industry Task Force welcomes the recent publication of a report by the Chair of the UK Accelerated Settlement Task Force, and in particular the statement that the 'UK and other European jurisdictions should continue to explore opportunities for close collaboration…to see if they can align their moves to T+1.' The members of the European T+1 Industry Task Force emphasise the need for a coordinated approach between the EU/EEA, Switzerland and the UK.”

“The Task Force intends to conduct further analysis of how Europe might transition to T+1, including the development of a roadmap for adoption of T+1 in EU securities markets and a potential timeline that would allow enough time for firms to assess the changes they need to undertake, for the industry to conduct comprehensive testing, and for authorities to make the necessary regulatory changes. This analysis will also incorporate lessons learned from the North American migration to T+1 in May 2024. We intend that, once completed, this analysis will be shared publicly.

The Task Force was established in 2023 to bring together a diverse group of industry stakeholders whom a potential move to a default T+1 securities settlement cycle would impact. The Task Force contains representation from industry associations representing all types of market participants, including those on buy-side, sell-side and from market infrastructures.

Read the statement in full.

  • EPTA