The Global Evolution of T+1

  • June 2022

    DTCC, ICI and SIFMA publishes instruction manual for firms to prepare for T+1.

  • UK launches Accelerated Settlement Taskforce – recommends move by end 2027 and close collaboration with Europe.

    December 2022

  • February 2023

    SEC announces the deadline to shorten the US settlement cycle from two business days after trade date (T+2) to one (T+1) will take place on 28 May 2024.

  • AFME announces European T+1 Industry Taskforce.

    March 2023

  • January 2023

    India moves to T+1

  • ESMA call for evidence on shortening the settlement cycle

    December 2023

  • January 2024

    UK T+1 Accelerated Settlement Technical Taskforce established – chaired by Andrew Douglas with workstreams from across the industry

  • The US, Argentina, Canada and Mexico transition to a T+1 settlement cycle

    May 2024

  • August 2024

    The Australian Stock Exchange (ASX) publishes industry consultation

  • UK technical taskforce publishes interim recommendations. Final industry consultation begins. Date for transition set for October 2027.

    September 2024

  • October 2024

    AFME publishes Roadmap for Adoption of T+1 in EU Securities Markets

  • ESMA recommends Europe’s move to T+1 date to be 11 October 2027

    November 2024

  • January 2025

    UK transition to T+1 date announced as 11 October 2027

UK T+1 Transition Date – 11 October 2027

The AST has concluded the optimal UK T+1 transition date to be 11 October 2027. The precise date was included in the AST’s implementation plan published in February 2025.

The UK will work to effect a single transition together with other jurisdictions as they confirm an identical transition date.

This date and associated scope recommendations will be written into UK CSDR legislation via a statutory instrument initiated by HM Treasury.

The activities to be completed in the transition period, 01/01/2025-11/10/27 will be governed by the UK T+1 Code of Conduct – UK-TCC

AST notes that the date for the UK transition will be written into legislation in the form of a statutory instrument amending Article 5(2) UK CSDR.

T+1 Implementation period 2025-2027:

The AST has identified deadlines between publication of this report and transition in October 2027 during which it expects the recommendations and principles defined here to be implemented.

By their nature, these are the latest times by which these recommendations and principles should be implemented and there is a parallel expectation that they will be implemented as soon as is reasonably practicable but certainly no later than the identified completion dates.

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