The EU journey to T+1

Towards a unified settlement cycle in Europe

Sweden will transition to a T+1 settlement cycle, aligning with the rest of the EU and UK markets on 11 October 2027.

Euroclear Sweden has been actively involved in industry discussions, collaborating with the Swedish Securities Market Association (SSMA) and other organizations such as ECSDA and ESMA, to provide input to the EU T+1 Industry Committee.

Key Points:

Euroclear Sweden has thoroughly reviewed the High-level Roadmap’s recommendations for Central Securities Depositories (CSDs). Many of these recommendations, such as hold & release and auto-collateralisation, are already implemented in Euroclear Sweden's Securities Settlement System (SSS).
For each recommendation, the committee has required stakeholders to either adhere to the guidance or explain any non-adherence.
Following the publication of the Industry Committee’s report, the European Securities Market Association (ESMA) released its Final Report on Amendments to the RTS on Settlement Discipline. This development turns several recommendations into legally binding rules. As a result, the previous “adhere or explain” approach no longer applies where Regulatory Technical Standards (RTS) exist. Euroclear Sweden will need to conduct further analysis for the recommendations now subject to these new rules.
Considering the Riksbank’s directive for the Swedish market to join T2S and Euroclear Sweden's upcoming platform transformation, Euroclear Sweden aims to limit investments and changes to the current system to avoid unnecessary costs for the market.