T+1 settlement, known as T+1, refers to settlement within one business day of the transaction being executed. The U.S., Canada and Mexico successfully transitioned to T+1 in May 2024 and the UK, EU, Switzerland and Liechtenstein will move to T+1 on Oct. 11, 2027. In APAC, markets are also progressing discussions and conducting industry consultations on a potential move to T+1.
The move to T+1 represents more than a change in timing. By shortening the settlement cycle, markets can improve capital efficiency, reduce counterparty risk and strengthen operational resilience. The U.S. transition demonstrated these benefits in practice, with an estimated $3.7 billion in margin requirements released back into the market, enabling firms to deploy capital more effectively while reducing the risks associated with unsettled trades.
Global trades estimated to settle on T+1 by 2028
Reduction in clearing fund requirements following U.S. T+1 compared to previous quarter average
Data as of May 2024
“T+1 is about far more than shortening the settlement cycle: it is a catalyst for modernizing post-trade operations. The North American experience showed that increased automation, stronger data quality and industry-wide collaboration can reduce risk and improve efficiency. As markets around the world prepare for T+1, firms that invest early in operational readiness will be best positioned to realize its full benefits.”
Brian Steele, Managing Director, President, Clearing & Securities Services, DTCC
Meeting the challenge of T+1 settlement requires trade processing solutions that deliver scale, connectivity and resilience. Discover how our solutions help firms of all sizes and trade volumes ensure they are T+1 ready.
T+1 settlement places greater demands on post-trade operations, requiring faster trade allocation and confirmation.
Our multi-asset trade matching platform, CTM®, streamlines post-trade workflows and helps firms meet T+1 requirements with a fast and resilient T+0 workflow.
In a T+1 environment, there is far less time to identify and correct errors, making accurate Standing Settlement Instructions essential.
With over 17 million SSIs, our ALERT® database significantly reduces trade failure by enabling firms to securely manage and automatically share accurate SSI data globally.
DTCC Consulting helps firms preparing for T+1 settlement to assess readiness, identify operational risks, optimize processes, and support implementation across the post-trade lifecycle.
We combine deep operational expertise with access to DTCC’s proprietary data, providing unique market perspectives that no external firm can match.
As markets globally move to T+1 settlement, post-trade processing timelines for APAC firms trading in European markets will significantly compress.
In this article, Rebecca Ashton explains how DTCC Consulting is helping firms assess readiness, improve efficiency and manage risk to navigate industry change.
DTCC was joined by the Financial Markets Standards Board (FMSB), BNP Paribas and SSImple for an interactive webinar exploring the critical role of SSIs for Europe T+1 readiness.
As Europe moves to T+1, our analysis of same-day match rates – a key indicator of market readiness – shows high levels of matching efficiency in CTM® across the top 10 European markets.
Europe’s move to T+1 leaves little time to correct settlement errors, making accurate, automated SSIs critical. Hear why DTCC’s Jan Coughlan believes SSIs are the most overlooked risk to Europe T+1.
The ValueExchange Q1 2026 Pulse Survey showed clear momentum across the industry, with firms moving beyond awareness into execution. But the research also highlights where action is still needed.
With October 2027 fast approaching, how prepared is the industry for Europe T+1? Val Wotton explores the latest readiness metrics and why data-driven insights are critical to closing the readiness gap.
During our interactive webinar we explored practical steps firms should be taking now to de-risk the transition to Europe T+1 and move from awareness to action.
