UK launches accelerated settlement taskforce
09 December 2022 UK
Image: nongkran_ch
The UK government has launched an accelerated settlement taskforce to explore whether, and how, the country could move to shortened settlement cycles and a DLT-based system.
The taskforce, announced 9 December 2022, will be headed by Charlie Geffen. Geffen is currently a senior advisor at business advisory firm Flint Global. During his more than two decades in the financial services industry, he has held a number of senior positions at companies such as Ashurst and The International Stock Exchange.
The first objective of the taskforce is to consider how a T+1 or T+0 settlement cycle could be beneficial to the UK, taking into account the challenges that this transition could present. It will also offer short and medium term solutions to UK firms that must adjust to other jurisdictions’ accelerated settlement cycles.
The performance of the UK’s current settlement structure will be evaluated for any improvements and reforms that may be necessary to facilitate the shift.
Financial services participants both in the UK and abroad will be identified and involved with the taskforce’s progress, especially those who will be most impacted by settlement cycle changes. This will include stakeholders and relevant public bodies.
Finally, the taskforce will provide recommendations to industry participants, regulators and the government on accelerated settlement cycles, including plans on each stage of implementation.
An interim report on the findings is scheduled to be released in December 2023, and a final report in December 2024.
The taskforce, announced 9 December 2022, will be headed by Charlie Geffen. Geffen is currently a senior advisor at business advisory firm Flint Global. During his more than two decades in the financial services industry, he has held a number of senior positions at companies such as Ashurst and The International Stock Exchange.
The first objective of the taskforce is to consider how a T+1 or T+0 settlement cycle could be beneficial to the UK, taking into account the challenges that this transition could present. It will also offer short and medium term solutions to UK firms that must adjust to other jurisdictions’ accelerated settlement cycles.
The performance of the UK’s current settlement structure will be evaluated for any improvements and reforms that may be necessary to facilitate the shift.
Financial services participants both in the UK and abroad will be identified and involved with the taskforce’s progress, especially those who will be most impacted by settlement cycle changes. This will include stakeholders and relevant public bodies.
Finally, the taskforce will provide recommendations to industry participants, regulators and the government on accelerated settlement cycles, including plans on each stage of implementation.
An interim report on the findings is scheduled to be released in December 2023, and a final report in December 2024.
← Previous clearing and settlement article
LCH SwapClear extends eligibility to SWESTR and DESTR risk-free rates
LCH SwapClear extends eligibility to SWESTR and DESTR risk-free rates
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Assegt Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Assegt Servicing Times
