Insights from Euroclear’s Product Manager for T+1 and Co-chair of the European Central Securities Depositories Association (ECSDA) T+1 Taskforce, Céline Duquaine.
With her deep understanding of settlement cycles and her active involvement in industry discussions, Celine is ideally placed to share insights on the EU migration to T+1 in October 2027.
We had the opportunity to sit down with her and dive into a few key questions.
Q: The High-Level Roadmap to T+1 has been published. What does this milestone represent for the European market?
A: The publication of the High-Level Roadmap by the EU T+1 Industry Committee on 30 June 2025 marks a pivotal moment in Europe’s journey toward a T+1 settlement cycle. It’s the first formal articulation of what needs to be done to ensure a smooth and orderly transition. It also allows now the entire industry to start planning and identifying all required adaptations.
Q: How is Euroclear preparing for the transition?
A: Euroclear is undertaking a comprehensive approach to ensure a smooth and effective transition to T+1 settlement by 11 October 2027. Our preparations are designed not only to enhance settlement efficiency but also to reduce the operational risks our clients may face due to the shift in the operational day and timing of settlement.
We are also closely working with the securities financing community to help them navigate the liquidity and credit challenges that T+1 introduces. Our goal is to co-create practical, forward-looking solutions that enable them to operate smoothly and confidently in this new environment.
We want to help clients migrate as painlessly and seamlessly as possible. That’s why we’ve launched a dedicated T+1 Programme that coordinates efforts across Euroclear Bank, ESES, EUI, Sweden, and Finland.
In short, Euroclear is not only preparing its infrastructure for T+1 but is also deeply committed to supporting the broader market ecosystem through this transformation—ensuring that our clients are equipped, informed, and confident every step of the way.
Q: What key element you believe should not be overlooked while assessing the impacts of T+1?
A: Resource management. EU government bonds will be moving to T+1, impacting Securities Financing activities (repo and securities lending). Much of this activity requires stable cash market trading positions in order to identify the resources needed for timely settlement. When the cash market settlement cycle reduces from T+2 to T+1 we expect a material move from T+1 to T+0 in Securities Financing markets. This will add pressure on intraday liquidity needs. We are closely assessing what could be the liquidity impacts and have already identified opportunities to help our clients better managed their credit and liquidity usage.
Q: What’s next on the T+1 timeline?
A: In the coming weeks, we will keep participating actively to the different taskforces and working groups to ensure our clients' needs are correctly covered.
The roadmap sets out a clear sequence of deliverables. Euroclear is of course aligning its internal milestones with this timeline and will continue to update clients about our intended changes in due time through newsletters, webinars, and direct engagement.
Let me take the opportunity to share with you that our second webinar on T+1, where we will announce our first responses to the recommendations, will be held on 24 and 26 September. Don’t miss it!
