T+1 Recommendations Letter 2026

Dear Market Participants,

As I write this, we have just under 18 months to go before the implementation of T+1 in the UK and Europe. It only seems like yesterday that we published our Implementation Plan but shockingly, that milestone is now more than a year behind us. Time is certainly flying.

So as we approach the middle of the year and move closer to the point where you will hear me saying ‘only one year to go’, I thought it might be helpful to remind everyone that there are a number of recommendations within the Implementation Plan expected to be completed by 31 December 2026 — now only eight months away.

Settlement

• SETT 01 – Implement allocation and confirmation processing, where carried out, to be completed no later than 23.59 on T.
• SETT 03 – Implement policies and procedures for allocations, confirmations and settlement instructions to meet SETT01/SETT02.
• SETT06 – Complete counterparty and third-party contractual review
• SETT07 – Implement existing auto-partial/split market practices
• SETT08 – Implement existing auto-shaping market practices
• SETT09b – Implement AFME/IA/UK Finance market practices for use of PSET and PSAF – [link]
• SETT10b – Implement AFME/EUI market practices for Hold & Release – [link]

Static Data

• STAT01 – Implement SSI FMSB Core Principles and templates to support SETT01 – [link]
• STAT03 – Review static data policies, processes and systems
• STAT04 – Stamp Duty & SDRT tax status review Corporate Actions
• COAC02b – Upgrade claims policies, processes and systems in line with T+1 changes

Securities Financing

• SFT01 – Automation of Securities Lending recall and return settlement instruction flows in line with ISLA market practices. – [link]

Warm regards,

Andrew Douglas, Chair, The UK Accelerated Settlement Taskforce