Shortening the settlement cycle to T+1 in the EU

ESMA is strongly supporting the shortening of the settlement cycle in the EU to T+1. The move to T+1 will support settlement efficiency in the EU, contribute to market integration and the objectives of the Savings and Investment Union.

ESMA will prepare regulatory standards as well as work with a dedicated governance structure involving the European Commission, the European Central Bank and industry participants to support the transition. ESMA has recommended Q4 2027 and 11 October as the optimal date for the transition to T+1 in the EU and supports a coordinated approach with other jurisdictions in Europe.

T+1 Governance Structure

Given the complexity of implementing the changes needed to move to T+1 to the trading and post-trading environment in the EU, ESMA, the European Commission and the ECB agreed to put in place a specific governance to help industry coordinate the shift. The governance structure is composed of the T+1 Coordination Committee and an industry structure comprising the T+1 Industry Committee and a number of dedicated specialised workstreams operating under the guidance of the Industry Committee.

ESMA’s Chair, Verena Ross, chairs the work of the T+1 Coordination Committee which is composed of representatives of ESMA, the European Commission, the ECB and of the Chair of the Industry T+1 Committee, Giovanni Sabatini.

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T+1 Governance Structure

Please refer to the Coordination Committee Working Arrangements and to the Industry Committee Terms of reference for more details. 

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EU T+1 Coordination Committee

For any questions in respect of the Coordination Committee work, please write to T1Coordination@esma.europa.eu.

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EU T+1 Industry Committee

ESMA is publishing on a voluntary basis a series of documents for the T+1 Industry Committee, which are of relevance for the shortening of the settlement cycle in the EU for public information purposes only. This webpage contains information provided by the T+1 Industry Committee and ESMA is not responsible for its content. 
The documents on this webpage have not been adopted, endorsed or otherwise approved by ESMA and ESMA is not responsible for verifying the information accessed through the links on this page nor is it liable for the content of these documents or any error or inaccuracy. Any views expressed therein are the views of the T+1 Industry Committee and may not in any circumstances be regarded as stating an official position of ESMA. 

Associations participating in the T+1 Industry Committee

Market participants interested in participating in any of the Technical Workstreams (TWs) should contact one of the Associations participating in the T+1 Committee, or email eut1@afme.eu, with the following information:

  • Name
  • Organisation
  • Place of establishment
  • Email Address 
  • Details of which TWs they wish to participate in
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