UK Accelerated Settlement Taskforce Quarterly Review – Q4

Consultation in October

The October consultation was a major milestone, generating significant interest and feedback from industry associations, individual contributors and respondents beyond the UK. This international engagement underscores the global relevance of our efforts and the shift towards faster settlement.

We received a lot of feedback in key areas such as the Code of Conduct, settlement space, corporate actions, and securities financing/stock lending.

The feedback received has been instrumental in refining our individual workstreams’ 12 critical actions/recommendations across four key business areas:

• Scope (3 actions)
• Settlement (3 actions)
• FMI Space (3 actions)
• Static Data (1 action)
• Securities Financing (2 actions)

Additionally, 27 highly recommended actions complement these critical recommendations in similar business areas.

In our forthcoming report, we will outline all the action-based recommendations in significant detail, accompanied by the definition of five behaviours expected of all market participants. The key behaviours are a commitment to automation and for the history scholars out there, a commitment to ‘action this day’. You will need to read our Transition Plan, to be published shortly, to learn more!

AST’s extended mandate

Based on feedback, it became evident that the industry wanted to see the responsibilities of the Taskforce (AST) extended beyond its current mandate. I’m delighted to share that Euroclear UK and International will directly support the work of the AST through to the 2027 deadline, providing resourcing in marketing, communications and project management.

We are also working with HM Treasury to ensure seamless operations during 2025–27.

The updated Terms of Reference for AST will be published by the end of January.

New online presence

To provide a central, authoritative source of information, we are launching a dedicated website and LinkedIn page (UK Accelerated Settlement Taskforce) for the UK Accelerated Settlement Taskforce. While the KPMG website has served us well, our bespoke platform will go live by the end of January 2025. Stay tuned for updates and registration details.

Upcoming event: 20 February 2025

Mark your calendars for 20 February 2025, when we will host an event to discuss the critical recommendations and expected behaviours for the period 2025–27 as defined in the Transition Plan to be published shortly.

Event highlights:

• Detailed Presentations: Workstream leads will explain the recommendations they have made.
• Public Authority Support: Statements from key stakeholders.
• Interactive Q&A: An opportunity to engage directly with the team.

Important details:

• Registration is limited to two in-person participants per organisation but there is no limit on virtual attendance.Invitations will be sent by 17 January 2025.

Looking ahead

We aim to publish our Implementation Plan for T+1 in early February to ensure that folks will have had a chance to read it before the event on the 20th. Watch this space!

We encourage you to follow our newly launched T+1 LinkedIn page and visit the upcoming website for real-time updates, registration information, and more.

Finally, we welcome ESMA’s November recommendation regarding T+1 in the EU and we look forward to working with Giovanni Sabatini and his EU taskforce on making a combined migration a reality.

The pace is picking up – Keep yourself informed!

Andrew Douglas
Chair, Technical Group
January 2025