October 11, 2025 marked two years until the implementation of T+1 settlement for market participants in the United Kingdom, European Union, Switzerland, and Liechtenstein.
With T+1 implementation on track for 2027, a shortened settlement cycle will deliver greater operational efficiencies and reduce margin requirements, while also minimizing risk.
Are you T+1 ready? Learn more about Europe’s transition.
While North America’s recent move to T+1 offers a valuable blueprint, Europe’s multifaceted market structure brings its own set of challenges and opportunities. With different processing schedules, tax systems, business models, legal frameworks across 27 EU jurisdictions and 30+ central securities depositories (CSDs), firms need to take action now to prepare for implementation.
DTCC’s experience leading the U.S. transition has shown that automating post-trade processes across the trade lifecycle is essential for success.
As Europe approaches its own transition, firms have a unique opportunity to not only streamline operations but also foster greater collaboration, efficiency, and liquidity. Enhanced automation and standardization will help align European markets with global peers, supporting both the EU’s Savings and Investments Union (SIU) and the UK’s Competitiveness and Growth agenda.
European firms must continue to focus on automating their post-trade processes. With clear timelines, aligned frameworks, and strong industry collaboration, a smooth and successful migration to T+1 is within reach. However, the window for preparation is limited, and firms must take decisive action to modernize, automate, and build strong cross-jurisdictional partnerships.
DTCC remains steadfast in its commitment to supporting market participants and driving collaboration throughout this pivotal transition and beyond.