The UK T+1 Accelerated Settlement Taskforce publishes final 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.

The plan includes a Code of Conduct for market participants, which confirms:

• 11 October 2027 will be the first trading date in UK cash equities for settlement on a T+1 cycle
• A clearly defined scope
• 12 critical operational actions and 26 highly recommended actions
• 5 behavioural commitments including:

• • A push for automation in SSIs, corporate actions, and stock lending recalls
  • A focus on ‘action this day’, urging firms to begin planning and where practicable, immediate implementation

The implementation plan has the support of the public authorities including government (HMT), Financial Conduct Authority (FCA), and the Bank of England.  Primary regulation, UK CSDR, will be amended to reflect that T+1 will be mandatory from 11 October 2027.

An online and in-person event for market participants will be held on 20 February, to provide 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 offer their thoughts on the plan, and to hear a live discussion amongst firms who have already begun to plan their own journey to T+1. Market participants can register here.

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.  Automation will be a key component of a successful implementation.”

Euroclear is supporting the UK T+1 Accelerated Settlement work with programme management and industry engagement support.

The UK Accelerated Settlement Taskforce has launched a dedicated website to serve as a resource for industry professionals, policymakers, and stakeholders to stay informed and engaged with the UK’s shift to T+1.

The taskforce is inviting all industry participants to complete a survey to help identify the UK market baseline for readiness. The intent is to repeat these throughout the implementation to monitor collective progress towards the successful implementation of T+1.

Read the full report here.