The UK T+1 Code of Conduct of UK-TCC

The collective experience of members suggests that compliance with market practices can in some cases be considered ‘optional’. To maximise the operational benefit to the UK market and all of its participants, we believe that compliance with the final recommendations should not be optional. The intention, therefore, is that the final version of the recommendations will constitute a ‘Post-trade Code of Conduct’ to which all UK market participants will be expected to adhere.

To assist in achieving this goal, we have asked the UK regulatory authorities to consider using them as part of their supervisory engagement with market participants, to, for example, ask firms how they have adopted the Post-trade Code of Conduct and if they have not, to explain their rationale for non-adoption. It is our view that adherence will enable market participants to meet their wider legislative and regulatory T+1 obligations and ensure maximum operational efficiency is achieved in UK settlement processing post T+1 implementation.