The European Commission’s push for a move to T+1 is driven by their desire to promote settlement efficiency and increase the resilience of EU capital markets whilst developing deeper and more liquid capital markets - key objectives of the Savings and Investments Union (SIU).
T+1 in Europe - The road ahead for the EU
In January 2025, the EU announced the governance structure to support the transition to the T+1 settlement cycle across the EU, comprising three distinct levels.
- A Coordination Committee to ensure coordination between the authorities and the industry, advising on challenges that may arise during the transition.
- An Industry Committee, composed of senior leaders and representatives from market players, chaired by Giovanny Sabatini.
- Technical workstreams, operating under the Industry Committee, focusing on the operational changes needed in the areas concerned by the transition to T+1.
Euroclear is proud to provide resources to support the work of both the Industry Committee and the Technical Workstreams.
Gareth Jones, Head of Product Management Settlement and Cash at Euroclear is one of the Co-leads of the EU Operational Timetable Workstream, and member of the Industry Committee, where he also acts as representative for the European Central Securities Depositories Association (ECSDA). We are also providing experts to each of the Technical Workstreams, drawn from across the Euroclear group including Euroclear Bank, ESES, Euroclear Finland and Euroclear Sweden.
An introduction from Gareth Jones
Gareth Jones, Head of Product Management Settlement and Cash at Euroclear is one of the Co-leads of the EU Operational Timetable Workstream and leadsthe Euroclear team of experts as they collaborate with all industry sectors to deliver a smooth transition to mandatory T+1 settlement across the EU in October 2027.
In this short introductory video Gareth sets the scene for the EU transition, the similarities and differences in approach compared to the US, the benefits to be achieved by migrating to T+1. He highlights how collaboration and communication will be the key drivers for a smooth and successful transition and how Euroclear plans to keep clients informed and help them prepare for their own T+1 transition.
Join us as we explore the future of efficient trading and settlements under the T+1 regime! In this dedicated webinar, we’ll dive into the critical impacts of T+1 on operations, risk management and compliance and what it means for the markets.
Discover key strategies to navigate the transition smoothly and effectively and understand the changes needed to be ready and when you need to make them. Don’t miss out - this webinar will be held across two insightful sessions so you can join the session at a time convenient for you.
This webinar will be hosted on BrightTALK. Follow the webinar from your desktop or mobile device. Simply register through the BrightTALK webinar platform via the below link.
17 June at 14:00 CEST
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19 June at 10:00 CEST
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The transition to T+1 is a major event for European markets, impacting many business lines and requiring a great deal of co-ordinated effort from everyone to achieve a smooth transition.
Once all trades must be settled at the latest by T+1, many existing manual processes will no longer be able to cope with the volumes and compressed timescales. Consequently, many manual processes will need to be replaced by automated solutions, adding to the already complex task.
In line with our mission of ensuring the efficiency of markets and actively enabling the reduction of risk, we launched our settlement efficiency initiative in 2024 with the twin aims of improving settlement efficiency across the industry overall and in anticipation of changes needed to T+1. As well as bringing the industry together to improve their own settlement efficiency, Euroclear is also collaborating with others to bring innovative solutions to the market to support a smooth transition to T+1.
We will keep you informed as we make the journey to T+1 with regular updates, so bookmark this page to stay up to date with the latest news!
If you have any questions about T+1, don't hesitate to contact us: Tplus1@euroclear.com
