News

Taskforce updates

16 April 2025

Latest U.K. T+1 Settlement research by ValueExchange

Latest U.K. T+1 Settlement research highlights strong market engagement ahead of transition, but firms need to act now to prepare.

14 April 2025

UK Accelerated Settlement Taskforce Quarterly Review – Q1 2025

In the first 2025 Quarterly Review from the UK Accelerated Settlement Taskforce, we reflect on a busy last quarter and set the stage for what’s to come for the year ahead.

06 February 2025

The UK T+1 Accelerated Settlement Task Force (AST) has published its implementation plan for the UK’s transition from T+2 to T+1 securities settlement.

Financial markets globally are increasingly moving to shorten the settlement cycle from two days after the execution date, to one day after execution, known as a T+1 settlement cycle.

27 January 2025

The UK Accelerated Settlement Taskforce (AST) is recommending that the UK moves to the T+1 settlement cycle for securities on 11 October 2027

Confirmation of the migration date is important news for every asset manager, broker, custodian and intermediary in the trade and post-trade process for securities. It is the culmination of years of careful consultation and planning across the industry.

23 January 2025

UK Accelerated Settlement Taskforce Quarterly Review – Q4

In this newsletter, Andrew Douglas, Chair of the UK Accelerated Settlement Taskforce, looks at what the taskforce has done in the last quarter and sets the stage for what’s to come in 2025.

17 October 2024

UK T+1 Industry consultation

The industry event brought together industry participants working on the approach to T+1 and discussed the interim recommendations.

To view the presentation material, click here.

27 September 2024

Accelerated Settlement Taskforce draft recommendations

The T+1 Technical Group (TGT) of the UK Accelerated Settlement Task Force (AST) has outlined its proposed recommendations for implementing the UK’s transition from T+2 to T+1 securities settlement.

March 2024

Accelerated Settlement Taskforce Report

The Accelerated Settlement Taskforce published its report on the UK’s shift to T+1 settlement. It recommended the establishment of a Technical Group to help agree on market standards to ensure a smooth transition.

Events

16-18 June 2025

The Network Forum, Madrid

The Network Forum hosts three days of learning and networking with 400 members of the crème de la crème of the European and global post-trade and custody world. Andrew Douglas will discuss the UK’s transition to T+1 settlement at this event.

14 May 2025

TradeTech Conference, Paris

The TradeTech Conference offers attendees the opportunity to connect with leading buy-side decision-makers and the entire European equity ecosystem across three days. Andrew Douglas will discuss the UK’s transition to T+1 at this event. 

8 May 2025

SIFMA Operations Conference, Florida

SIFMA’s Operations Conference & Exhibition gathers operations and technology leaders from across the capital markets ecosystem. Bringing together the buy- and sell-sides, to share perspectives, drive industry-leading initiatives, and explore cutting-edge solutions to accelerate change. Andrew Douglas will discuss the UK’s transition to T+1 at this event. 

20 March 2025

Interview with Andrew Douglas – MUFG Global Markets Podcast

The MUFG Global Markets Research Team provides expert analysis of the week’s most pressing topics impacting economies and the markets. Each episode will feature experts wo will share insights on the latest market trends and key developments that impact our fast-moving and increasingly complex global economy. In the next episode on 20th March, Andrew Douglas will discuss the UK’s shift to T+1.

14 March 2025

FILS conference, London – 13 March

Fixed Income Leaders Connect (FILS) is an invite-only forum for Heads of Fixed Income Trading at Europe’s leading buy-side firms. Andrew Douglas, Chair of the UK Accelerated Settlement Taskforce, will deliver a speech entitled: UK’s path to T+1 settlement: Insights, lessons, and industry readiness for 2027 transition.

20 February 2025

The UK Accelerated Settlement Taskforce industry event – 20 February 2025

This event was an opportunity for market participants to hear speakers from the AST detail the critical recommendations made in the Implementation Plan. HM Treasury, the Bank of England and the FCA offered their thoughts on the Plan, and attendees heard a live discussion amongst firms who have already begun to plan their own journey to T+1.

13 December 2024

BBH Webcast – Talking T+1: The global picture

In December, BBH’s (Brown Brothers Harriman) Adrian Whelan and John Siena, along with Virginie O’Shea of Firebrand Research discussed the US transition and global landscape post T+1.

17 October 2024

UK T+1 industry webinar

This event brought together industry participants working on the approach to T+1.

10 July 2024

ESMA Public Hearing on shortening the settlement cycle

Discussion and analysis on shortening the settlement cycle includeing an assessment of the benefits and costs.

20 June 2024

Accelerated Settlement in the UK Conference

Update on the taskforce’s work on moving to a T+1 settlement cycle in the UK, bringing together experts and stakeholders from across the domestic and international T+1 landscapes.

Industry news

The T+1 Check-In: Andrew Douglas on the UK’s big kick-off event

Global Custodian is pleased to introduce a new series discussing industry progress on meeting the challenges of a shorter settlement cycle with key players in Europe. Andrew Douglas, chair of the UK’s Taskforce, discusss the recent industry event, which kicked off the UK’s start in a long journey towards T+1.

Treasury confirms shift to one-day settlements as Rachel Reeves calls in City bankers

“This direct and visible support from the public authorities is both key and very welcome,” added Andrew Douglas, who chaired up the government taskforce.

UK taskforce publishes blueprint for T+1 transition

Andrew Douglas, chair of the UK T+1 AST, said: “This is a milestone in the UK’s journey to T+1 settlement and reflects a substantial amount of work and co-operation across the industry. We have a date and a detailed plan for the way ahead. Market participants should start planning now ahead of the 2025 budget process for project funding in 2026.” 

UK T+1 Accelerated Settlement Taskforce confirm implementation plan

Andrew Douglas, chair of the UK T+1 AST, says: “This is a milestone in the UK’s journey to T+1 settlement and reflects a substantial amount of work and co-operation across the industry.

UK Set to Make T+1 Switch in 2027 in Tandem With Europe

The UK should switch to a one-day settlement cycle known as T+1 on Oct. 11 2027, according to Andrew Douglas, chair of the government-appointed team advising on the transition.

UK set to move to T+1 in line with EU and Switzerland

The Accelerated Settlement Taskforce proposed a date of 11 October 2027 for the UK to move to next-day settlement of securities, known as T+1.

Esma calls for 2027 EU T+1 migration

Welcoming Esma’s decision, Andrew Douglas, chair of the UK Accelerated Settlement Taskforce’s T+1 technical group, says: “We have worked closely with Esma over the past 12 months sharing our progress and I am confident that this relationship will continue to develop as we look at how we can develop joint migration plans.

Esma calls on EU to move to T+1 in step with UK

Andrew Douglas, chair of the UK T+1 Taskforce Technical Group, welcomed Esma’s migration date recommendation.

EU proposes October 2027 for T+1 switch

Andrew Douglas, chair of the T+1 Taskforce Technical Group, commented on the announcement, stating: “The UK Taskforce has always promoted a combined migration with UK, EU and CH moving together as our preferred solution and so on behalf of the UK Taskforce, I welcome this announcement of the European migration date for 11 October 2027.”

Spilling the T+1

At InvestOps Europe 2024 at The Oval, Charlie Geffen and Andrew Douglas updated the industry on the UK’s path towards T+1.

ETF move to T+1 will be harmonised with Europe, UK taskforce says

The UK’s potential decision to move to a T+1 settlement cycle ahead of the European Union will not impact ETFs, the UK’s Accelerated Settlement Taskforce (AST) has said.

UK T+1 taskforce publishes recommendations ahead of proposed 2027 switch

Technical group stresses the need for automation ahead of the implementation process, urging market participants to begin automating as soon as possible.

Britain Is Targeting 2027 for T+1 Switch, With Or Without EU

The group spearheading the UK’s shift to a faster trading regime is preparing for the possibility that the country makes the switch in advance of the European Union, a move that could create a litany of headaches for financial professionals across the region.

UK could go it alone on T+1

The UK is prepared to cut settlement times even if the EU doesn’t follow suit.

UK T+1 group plans mandatory post-trade code of conduct

UK market participants will be expected to comply with a “post-trade code of conduct” for T+1 settlement, the chair of the UK’s T+1 Technical Group said on Friday, in an effort to “strike the balance between having too much regulation and too little regulation”.

UK T+1 taskforce publishes recommendations ahead of proposed 2027 switch

Technical group stresses the need for automation ahead of the implementation process, urging market participants to begin automating as soon as possible.

U.K. looks to follow U.S. in move to T+1 accelerated trade settlement

The U.K.’s T+1 Technical Group has published a report outlining proposed recommendations for accelerated securities settlement in the U.K., while calling for feedback from market participants.

Gary Gensler tells UK to set firm T+1 transition deadline

Securities and Exchange Commission chair Gary Gensler said the UK should set a firm deadline as it looks to shift to T+1 settlement.

T+1 technical group chair Andrew Douglas calls for ‘more haste, less speed’

The group will give a firm date for the UK’s move to faster settlement when it publishes its plan later this year.

Andrew Douglas named chair of the UK Accelerated Settlement Task Force

Speaking after his appointment to Alan Cameron, head of financial institutions and corporates client line advisory at BNP Paribas, Douglas says: “It will undoubtedly be a big project. I suspect this will be the biggest infrastructure project in the UK post trade space for the coming years. I’m looking forward to it.”

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