The U.K. Accelerated Settlement Taskforce (AST) has officially kicked off the transition to a T+1 settlement cycle, with backing from the U.K. government, the Bank of England, and the U.K. regulator, the Financial Conduct Authority (FCA). The switch is set for October 11, 2027, marking a major operational shift for UK financial services firms. AST… Read More >>
T+1 Cuts Risks But Pain Points Remain: ISITC
A U.S. securities industry standards group says key issues it raised with regulators prior to the T+1 transition in the U.S., Canada, and Mexico on May 28 last year continue to be pain points for its members. The International Securities Association for Institutional Trade Communication (ISITC) is a nonprofit organization dedicated to promoting the development… Read More >>
ESMA Sets Target Date for E.U.’s T+1 Move
The European Union’s head regulator and supervisor, the European Securities and Markets Authority (ESMA), has set a definitive target date of Oct. 11, 2027, for the bloc’s highly anticipated transition to a T+1 settlement cycle. The announcement of the transition date is part of ESMA’s final report on shortening the settlement cycle, which includes the… Read More >>
A Glimpse at Gary Gensler’s Legacy
With the second Trump administration coming to power in January, Gary Gensler, chair of the Securities and Exchange Commission (SEC), is unlikely to be a part of the new team. During the campaign, Trump stated that he would replace Gensler. In fact, multiple media outlets have recently reported that Trump’s transition team is searching for a replacement… Read More >>
E.U. Task Force Urges CSDR Adjustment for T+1
European capital markets firms are navigating a long list of regulatory changes required to enable a smooth transition to a shortened, T+1 settlement cycle, likely in 2027 and in coordination with the UK. The European T+1 Industry Task Force, comprised of 21 trade associations, outlined these regulatory changes in a recent work paper — “High-level… Read More >>
T+1 Paves the Way for Modernized Settlement
(In North America, the move to shorter T+1 settlement has helped BNY clients to refocus on the lifecycle of a trade in new ways as they strive for optimal clearing and settlement. So says Brian Ruane in a Q&A with FTF News. A member of BNY’s Executive Committee, Ruane is senior executive vice president and… Read More >>
E.U. Regulators Push the Accelerator for T+1
The European Securities and Markets Authority (ESMA), the European Commission (EC), and the European Central Bank (ECB) put out a joint statement this week indicating support for a coordinated T+1 transition with other jurisdictions in the region including the U.K. and Switzerland. Despite the complex E.U. post-trade landscape, the regulatory trio stressed the urgency of… Read More >>
U.K. to Leverage Its ‘Second-Mover’ T+1 Advantages
The U.K. Accelerated Settlement Taskforce (AST) recently released its interim report, presenting recommendations for the industry’s shift to shorter T+1 settlement. The task force has opened a brief consultation period to gather industry feedback on these recommendations. One key aspect of the task force’s strategy is learning from the U.S. experience with T+1 as part… Read More >>
T+1 Woes Did Not Sink Sec Lending Revenues
The global securities finance industry experienced a decrease in revenue for lenders in the third quarter of 2024, according to DataLend, the market data service of EquiLend. While the operational challenges of the shift to shorter T+1 settlement might appear to be the culprit, they did not cause these revenue dips, Nancy Allen, global head… Read More >>
Is T+1 in North America a Partial Victory?
The Securities Industry and Financial Markets Association (SIFMA), Investment Company Institute (ICI), and the Depository Trust & Clearing Corp. (DTCC) released a report early last month declaring victory in the push for a shorter settlement cycle for markets in North America. However, the report fails to address some of the issues that have emerged over… Read More >>
