UK Accelerated Settlement Taskforce proposes T+1 transition date
27 January 2025 UK
Image: tatomm/stock.adobe.com
The UK Accelerated Settlement Taskforce (AST) has recommended a move to T+1 for securities on 11 October 2027.
This aligns the UK with the EU and Switzerland, both of which are aiming for the same implementation date for the migration to a faster securities settlement cycle.
Andrew Douglas, chairman of the AST, says: “We look forward to working with the EU team led by Giovanni Sabatini and the Swiss team led by Florentin Soliva, to harmonise our implementation schedules and, where appropriate, share common solutions.
“So, 2025 will be the year of planning and budgeting, 2026 building and implementing solutions, and 2027 testing and migrating.”
He adds that following the US shift to T+1 in May 2024, Europe will benefit from “second mover advantage”, learning the lessons of the US experience, in particular the benefits of automating processes.
The AST will publish its final recommendations and implementation plan at the start of February, with an online and in-person event for market participants being held on 20 February.
This aligns the UK with the EU and Switzerland, both of which are aiming for the same implementation date for the migration to a faster securities settlement cycle.
Andrew Douglas, chairman of the AST, says: “We look forward to working with the EU team led by Giovanni Sabatini and the Swiss team led by Florentin Soliva, to harmonise our implementation schedules and, where appropriate, share common solutions.
“So, 2025 will be the year of planning and budgeting, 2026 building and implementing solutions, and 2027 testing and migrating.”
He adds that following the US shift to T+1 in May 2024, Europe will benefit from “second mover advantage”, learning the lessons of the US experience, in particular the benefits of automating processes.
The AST will publish its final recommendations and implementation plan at the start of February, with an online and in-person event for market participants being held on 20 February.
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