by Chris Elms, Chief Executive Officer, Euroclear UK & International
Trading up: From legacy to modern markets
At the recent Modernising Securities Markets Conference hosted by Euroclear, industry leaders, regulators and innovators came together to tackle one big question: How do we modernise the UK’s securities markets - not just in theory, but in practice?
From digitising paper share certificates to accelerating settlement cycles, the agenda was packed with insights on how to make markets more efficient, accessible and resilient.
One panellist shared a simple but powerful image: their mum still keeps a paper BP share certificate in a drawer at home. That moment reminded us all: market reform isn’t abstract. It’s about real people, real families and the everyday dreams of saving for a house, building a pension or starting a business.
As one speaker puts it: "We need to make investing feel as normal as online banking - intuitive, secure and accessible." That sentiment resonates strongly with me.
Faster settlement - moving to T+1 by 11 October 2027 - means your money isn’t tied up for days. Better liquidity and shorter cycles reduce risk for everyone. And driving down the €70 million* in penalties paid monthly due to failed trades starts with cleaner, faster data flowing through the system.
Digitising the things we’ve kept on dusty shelves for decades isn’t just a technical project. It’s about building trust, transparency and accessibility - so that everyone, from seasoned professionals to first-time investors, can see themselves participating in these markets.
When your mum’s certificate sits in a drawer, when a retail saver waits days for their money to settle, or when a clumsy data feed nudges costs up for everyone - that’s the cost of outdated infrastructure.
In the past 20 years, the number of publicly listed UK companies has halved, while privately owned firms have doubled. Private markets are booming. That has supported many entrepreneurs and investors, but our infrastructure must evolve quickly to support that growth - with more transparency and efficient distribution.
We’re at an all-time high in terms of innovation and capability, but you wouldn’t know it from the headlines.
Speeding up settlement to T+1 isn’t just a regulatory deadline - it’s about putting cash back in your hands quicker. Tighter data quality means shrinking penalties and passing the savings back to you. And the boom in private markets opens up opportunities we’ve never had before.
The conversations at the Modernising Securities Markets conference highlighted a clear direction: modernising our financial infrastructure is not just a technical upgrade - it’s a collective effort to improve how markets serve everyone.
At Euroclear UK & International, we’re focused on enabling that progress through collaboration, innovation and practical change. Whether you're a market participant, policymaker, technologist or investor, your perspective matters in shaping the future of capital markets.
Modernisation means better outcomes: faster settlement, cleaner data, reduced costs and more inclusive access. It’s about building systems that are resilient, transparent and ready to support the evolving needs of both public and private markets.
We encourage continued dialogue, shared learning and active engagement across the ecosystem. Together, we can help ensure that tomorrow’s markets are more efficient, more responsive and more aligned with the needs of all participants.
Join the conversation. Invest in the future. Let’s modernise together.
Faster settlement: T+1 settlement is coming on 11 October 2027 and “we want absolutely nothing to happen on the day,” said one speaker. That’s the goal: smooth and silent efficiency.
Cleaner data, fewer penalties: €70 million in monthly penalties is a clarion call. The answer isn’t more capital - it’s better data exchange.
Private-market opportunity: As public listings shrink and private businesses flourish, the markets are working together to support private market participants with more transparency and efficiency.
Resilience and AI: With partners like Microsoft, we’re building next-gen markets that are resilient under stress and smart through machine learning. The future of finance is digital - and we’re co-creating it.
Market forces and competitiveness: Initiatives like the Savings and Investments Union will thrive if allowed to develop based on market forces and with a view to the global competitiveness of European financial services.
* Source: Tackling post-trade friction, produced by Firebrand Research in collaboration with Euroclear, DTCC and Clearstream: Accelerated-settlement-white-paper-2025.pdf
