T+1 in the UK - UK accelerated settlement

The UK is transitioning to a faster securities settlement cycle known as T+1, with trades settled one day after the transaction date. This move is part of the broader efforts to enhance the efficiency and security of financial markets.

The UK Government has accepted the recommendations of the Accelerated Settlement Taskforce (www.gov.uk), and the transition to T+1 is set to take place on 11 October 2027. This change aligns the UK with other global markets, such as EU, which is also expected to move on 11 October 2027, and the US, which already moved to T+1 in May 2024, with the aim to reduce risks associated with the current two-day settlement cycle.

As a key partner to the UK Accelerated Settlement Taskforce (ww.acceleratedsettlement.co.uk), Euroclear UK & International is proud to take on the secretariat role, providing the taskforce and the industry with the support needed to drive this important transformation.

Efficient securities markets are essential for fostering prosperity among companies, governments and investors - the very essence of the financial sector's purpose. As a linchpin infrastructure within this ecosystem, we are committed to collaborating with all stakeholders towards a synchronised transition in the UK, harmonised with EU and Switzerland, thus modernising our markets to meet evolving global practices.

The final report of the Accelerated Settlement Taskforce (AST) contained recommendations that directly affected or named Euroclear UK & international or the CREST settlement system.

‘Critical Recommendation FMI 02’ referred to the CREST transformation programme. Other recommendations required all financial market infrastructures, amongst others, to confirm that they had completed a review and assessment of various policies, processes and rule books, and had identified the required changes to facilitate the move to a T+1 settlement cycle in the UK.

To facilitate the assessment of specific impact areas and any developments or process changes that need to be implemented by participants in the UK securities ecosystem, we are outlining our response to the various AST recommendations in the document below.

Euroclear UK & International has released a consultation paper outlining the proposed changes to align with the recommendations of the Accelerated Settlement Taskforce.

The consultation has now closed. 

Each quarter, we will publish matching and settlement data extracted from the CREST system operated by Euroclear UK & International, in accordance with the recommendation of the Accelerated Settlement Taskforce.

This file presents data for the periods indicated relating to bilateral standard deliveries (i.e. not cleared by a CCP) of equities, split by their security category.