UK Accelerated Settlement Taskforce Quarterly Review – Q3 2026

It feels almost surreal to say that we are now only 12 months away from the move to T+1. Over the past two years, market participants have dedicated significant effort to understanding the implications of T+1, developing programmes and establishing governance frameworks. The priority now, however, must be execution.

The Q1 industry readiness survey demonstrated encouraging levels of engagement across the market. However, as we move into the final phase of preparation, success will be determined not by the quality of plans, but by the effectiveness of implementation.

Supporting Firms Through the Final Phase of Preparation

One of the key milestones this quarter was the launch of the AST Risk & Compliance Workstream’s T+1 Implementation Toolkit.

The Toolkit has been designed as a practical resource to support firms as they transition from planning into execution. Recognising that every organisation’s journey to T+1 readiness will be different, the resources have been developed to be flexible and adaptable to a range of business models and operating frameworks.

The Toolkit includes:

• A readiness scorecard to help firms measure progress towards key T+1 milestones.
• A readiness checklist covering each phase of the implementation lifecycle.
• Practical control expectations aligned to the Code of Conduct’s recommendations.
• Guidance on procedures firms may wish to introduce or update when operating in a T+1 environment.

Although voluntary, I would encourage firms to make use of these resources to assess their readiness, identify potential gaps and support the next stage of their preparations. You can access the toolkit here.

Understanding Industry Readiness

In September, the AST launched its latest T+1 Pulse Survey to assess industry readiness across the market. Following the encouraging results from the survey in Q1 this year, I am hopeful that the survey will demonstrate continued progress as firms move from planning into implementation and execution.

The survey also seeks to better understand where firms expect T+1 to have the greatest impact on their organisations and identify any remaining barriers to readiness. The results will provide a valuable industry-wide view of the challenges that still need to be addressed, enable firms to benchmark their progress against their peers, and help the AST understand where more support and engagement is needed.

Understanding where firms anticipate operational pressure points remains critical. While significant progress has already been made across the market, identifying and addressing remaining areas of concern will help ensure the industry is well positioned for a successful transition.

I would like to thank everyone who has participated in the survey and contributed their insights.

Communication and Collaboration Remain Critical

One of the recurring themes in my discussions with firms this quarter has been the importance of communication.

The move to T+1 will only be successful if all participants across the trade lifecycle understand their responsibilities and are prepared to meet the new operational timelines. This includes communication between counterparties, custodians, asset managers, brokers, vendors and market infrastructures, as well as communication within firms themselves.

Many firms are dependent on service providers or third parties for elements of their T+1 operating model. It is therefore essential that organisations engage proactively with their partners, understand implementation timelines and ensure there is clarity around future operating processes and deadlines.

The transition to T+1 is not simply a settlement initiative. It requires coordination across multiple functions and organisations, and I urge everyone to ensure these conversations are taking place.

Looking Ahead – One Year to Go

As you can imagine, the next year will involve me and the Taskforce doing a fair amount of drum-beating about readiness for 11 October 2027.

To help support the market through this final phase of preparation, the AST will be hosting a “one year to go” event in collaboration with Scottish Financial Enterprise and Shepherd and Wedderburn on 8 October. Focused on the buy-side, the event will explore the practical actions firms can take to prepare for T+1. This event will be held in person and you can find the registration link here.

Following this, the AST will also hold a London “one year to go event” alongside DTCC and Euroclear on 13 October. This event will focus on the practical actions firms must now take to prepare for implementation, covering topics including automation, regulatory expectations, cross-market collaboration and operating successfully in a T+1 environment. Attendance will be available both in person (subject to capacity) and virtually, and you can register here.

Ultimately, T+1 is an opportunity to modernise processes including through increased automation and future-proof operating models. The firms that embrace that opportunity will be the firms best prepared for the future.

Time continues to move quickly. It is not too late to start or accelerate preparations, but the window for implementation is steadily narrowing. I urge firms to ensure they are on track to complete the AST recommendations due by the end of 2026 and are preparing for the industry testing window in 2027.

Thank you to all those who have engaged so far and for all the hard work that has gone on across the industry. We are entering the home straight, but rest assured, I have no intention of becoming any quieter between now and 11 October 2027!

Andrew Douglas
Chair, UK Accelerated Settlement Taskforce