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 Giovanni 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.
To bring you closer to the people guiding the T+1 initiative at Euroclear, we’re launching our Meet the team video series. Each episode introduces one of the experts behind Euroclear’s T+1 readiness, offering insights, perspectives and handson guidance straight from those shaping the future of posttrade.
In our first episode we feature Celine Duquaine, Euroclear’s Product Manager for T+1 and cochair of the ECSDA T+1 taskforce. A recognised authority in settlement and a key contributor to the EU’s T+1 framework, Celine plays a central role in helping the industry prepare for this shift.
In this video, she shares her insights, experience and perspective on what T+1 means for market participants - and how Euroclear is committed to ensuring a smooth journey toward the 2027 deadline.
The ValueExchange pulse survey provides a dynamic snapshot of where the industry is on its T+1 journey and is supported by key FMIs and an extensive range of industry associations. We invite you to participate in the T+1 Pulse 2026 Q1 Survey and contribute to creating a benchmark for how perspectives, priorities and preparedness are evolving across the industry.
Building on the work completed in 2025, the survey explores:
- lifecycle exposure across trading, funding and asset servicing
- infrastructure scalability
- service provider readiness
- automation and budget alignment
- market testing timelines
- cross-market coordination challenges
Highlight the factors that set your own pulse racing and will drive, or delay, successful implementation of T+1 and help the industry understand the collective readiness as we enter a critical phase of the initiative.
The EU T+1 Industry Committee in collaboration with The Value Exchange, ran its first survey to assess progress on High-Level Roadmap recommendations, from December 2025 to January 2026 and has now published the survey findings.
The survey reached a very wide audience, with other 1,000 respondents globally, with over 95% being from Europe. All segments of the industry were also represented making the survey the most complete snapshot to date on European preparedness for T+1.
Following the publication of the EU T+1 Industry Committee ‘High-Level Roadmap to T+1 Securities Settlement in the EU’ on 30 June 2025, the technical workstreams continued their work on identifying best practices and operational dependencies across the 27 markets and 31 CSDs involved in the transition to T+1. On 3 February 2026, the EU T+1 Industry Committee published the ‘EU T+1 Securities Settlement Handbook’ to complement the roadmap by translating high-level recommendations into actionable implementation via example-based guidance.
Like the roadmap, the handbook was the result of extensive collaboration across the industry, involving market participants, financial market infrastructures, service providers and trade associations. This handbook is seen as an important milestone in facilitation a smooth transition to T+1.
The EU T+1 Industry Committee has launched a dedicated website as a central hub for all information related to the transition to T+1 settlement in the EU. It provides governance details, workstream terms of reference, meeting minutes, reports, and progress updates toward the October 2027 deadline.
The Industry Committee has recently published additional guidance on partial settlement, SSIs, and SFTs
The EU T+1 Industry Committee is running its first survey to assess progress on High-Level Roadmap recommendations, four months after publication.
The survey will gauge implementation status, identify dependencies affecting coordination and highlight areas for focus in 2026.
While it is not a compliance check and results will be used for informational purposes only, we do encourage you to take part to the survey to help the industry assess its readiness.
The survey runs until 19 December and can be accessed here www.eu-ta.eu/survey >
Supported by key FMIs and an extensive range of industry associations, the latest ValueExchange pulse survey provides a clear view of global readiness for T+1 in the EU Based on insights from 350+ financial professionals in September 2025, these surveys will be repeated regularly to track progress toward the October 2027 transition.
EU T+1 Industry Committee publishes roadmap report
After 5 months of intense and detailed work from the various EU technical workstreams, involving over 80 institutions, including Euroclear, the industry has created a list of recommendations, a practical framework of what needs to be done to achieve a smooth and orderly transition to T+1 across the EU. The EU T+1 Industry Committee published them in their report ‘High-Level Roadmap to T+1 Securities Settlement in the EU’ on 30 June 2025.
The roadmap is not designed to offer a comprehensive solution to all challenges posed by the T+1 transition, but rather it provides a framework for organisations to identify and address the most critical operational considerations to support preparations and budget allocation for their own transitions.
We spoke with Céline Duquaine, Euroclear’s Product Manager for T+1 and Co-chair of the ECSDA T+1 Taskforce, to explore the EU’s transition to a T+1 settlement cycle by October 2027.
With her deep industry involvement and expertise in settlement cycles, Céline shares key insights on the recently published EU High-Level Roadmap, Euroclear’s preparations, and the challenges ahead.
2026 is also considered the year where we move from analysing/planning to implementation, where we will support your transition by handling the complexity, so you can focus on performance.
Join us in this fourth episode of a series of T+1 webinars as we explore additional service enhancements to the operational day that Euroclear Bank will implement to help you maintain settlement efficiency in a reduced settlement cycle. We will also take the opportunity to provide more information on the impacts on asset servicing while updating you on the latest T+1 news.
Select your preferred session time
Recording on demand - The EU journey to T+1: A new streamlined operational day – reducing complexity and enhancing settlement efficiency
With greatly compressed timescales under the T+1 settlement regime its acknowledged than many existing processes will have to change. The structure and dynamics of the operational day will evolve to embrace these changes, simpler, faster, smoother. This third episode of a series of T+1 webinars as we explore how Euroclear Bank is redesigning its operational day to optimise its processes and to offer a more resilient infrastructure to enhance stability and reduce complexity. Learn how our new operational day gives you instant control over positions and liquidity and how our optimised start of day priorities APAC securities and cash flows for better liquidity management.
The first webinar in our T+1 webinar series was a great introduction to this complex and challenging project. In this webinar, we set the scene of the work of the various EU technical workstreams planning the transition as they prepared to issue their first recommendations at the end of June 2025. The webinar is a great introduction to the topic and challenges ahead and is now available on demand.
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
