UK Accelerated Settlement Taskforce – Quarterly Review – Q1 2026

Key developments

Launch of the UK, EU & Switzerland T+1 Testing Plan
In Q1, the joint industry Testing Plan for the UK, EU and Switzerland was launched with thanks to the members and leads of the joint testing workstream for a remarkable piece of work delivered in a relatively short timeframe.

The plan provides a structured framework to support coordinated market-wide testing of settlement capabilities under T+1 and represents an important milestone as firms begin testing their readiness for the new settlement cycle. The Testing Plan:

• Sets out the scope, timelines and responsibilities for structured industry testing
• Provides clarity on how firms can assess and evidence operational readiness
• Supports coordinated testing across internal systems and external counterparties
• Reinforces the importance of automation in reducing settlement risk and maintaining performance in a T+1 environment

Testing will be critical to ensuring a smooth transition, and firms across the ecosystem are encouraged to incorporate the framework into their ongoing T+1 preparations.

A Risk & Compliance workstream was established, led by Emma Johnson (ValueExchange) and Derek West (DTCC), to provide guidance on regulatory obligations, operational risk considerations and compliance challenges associated with the shortened settlement cycle, as well as a useful assessment toolkit. In essence, it will define ‘what good looks like’ and be completed in Q2.

UK T+1 Readiness Register launched in January, highlighting market participants that have self-certified compliance with the relevant UK T+1 readiness requirements ahead of the October 2027 deadline.

The first firms to self-certify are Baillie Gifford and Swiss Re. Other market participants wishing to self certify can do so via the UK T+1 Readiness Register page.

Industry engagement

A T+1 Pulse Survey conducted by The Value Exchange in partnership with Euroclear & DTCC, closed on April 9th.

The results, due in May, will inform AST’s ongoing work and contribute to building a clearer industry-wide picture of readiness and key challenges ahead of implementation.

I would like to thank the record number of participants who completed the survey as these insights will be key in focusing AST support to the market.

Events

Testing & Readiness Plan launch in March, representatives from banks, market infrastructures and regulators gathered in London for the launch of the Testing & Readiness Plan for UK, EU and Switzerland, hosted by Capco.

This included a panel discussion with the FCA and ESMA, during which the FCA emphasised the importance of seeing clear and demonstrable progress from market participants in implementing T+1.

Q1 T+1 Implementation Forum, hosted by Forvis Mazars and run by the AST provided another opportunity for participants to engage directly with members of the Taskforce through an interactive Q&A, addressing practical questions that have emerged as firms begin to accelerate their preparations in 2026.

Registration for future events will be communicated through the AST’s LinkedIn page and will also be included in the events calendar on the AST’s website.

Resources

AST FAQ page
To support market participants preparing for T+1, the Taskforce has expanded the FAQ section on the AST website, providing practical guidance across key areas of the transition.

Market participants can also submit questions through the page, which are directed to the relevant AST workstreams for review and response.

2026 look forward

My focus in 2026 remains maintaining momentum in support of the transition to T+1 and meeting year end deadlines set for participants. Along with AST members, I will be presenting at multiple events throughout 2026 which can be found here.

I would also like to highlight the Frankfurt based Q&A session on the Testing Plan following its launch. This will be held both in person and virtually on April 21st and will aim to answer any questions you may have regarding the Testing Plan. I encourage you to register here.

As we move closer to 2027, it is vital that market participants begin executing their T+1 plan. This move is not optional, and the timeline is fixed, so the actions you take now will define your readiness for October 2027.

Kind regards,

Andrew Douglas
Chair, UK Accelerated Settlement Taskforce