Public hearing on shortening the settlement cycle

10 Jul 2024, from 09:00 to 15:00 (Paris Time)
Post Trading
- Presentations
- Recording
- Verena Ross' introductory remarks

ESMA organised a public hearing on the shortening of the settlement cycle on 10 July 2024. This event offered the opportunity for ESMA to share preliminary thoughts and get further input on its ongoing assessment on shorter securities settlement cycles in the European Union, get the views of key panellists and answer questions from online participants.

Agenda

9:00 – 9:15

Introductory remarks by Verena Ross, ESMA Chair

9:15 – 11:00

Panel 1: What’s in T+1 for EU markets?
Debate around the appropriateness of shortening the settlement cycle in the EU, expected impacts, costs and benefits. 

  • Presentation: Karole-Anne Sauvet-Frot, Alessandro Spolaore, Martijn Lathouwers (ESMA) 
  • Panellists: Anna Kulik (ECSDA); Rafael Plata (EACH); Alexander Westphal (ICMA); Vincent Ingham (EFAMA); Aleksandra Mączyńska (Better Finance); Rosa Armesto (FESE) 
  • Moderator: Andrea Gentilini, CSSF Head of Division Innovation, Payments, Market Infrastructures and Governance, and Chair of ESMA Post-Trading Working Group  
11:00 – 12:45

Panel 2: A potential roadmap to T+1 in the EU.
Debate around the necessary steps to prepare for a shorter settlement cycle in the EU.  

  • Presentation: Antonio Ocaña Alvarez (ESMA) 
  • Panellists: Sebastijan Hrovatin (European Commission); Marcello Topa (Citi, European Banking Federation); Fiona van Echelpoel (ECB); Jacqueline Mill (AFME); Andrew Douglas (UK Technical Group)
  • Moderator: Rodrigo Buenaventura, Chair of CNMV and of ESMA’s Markets Standing Committee 

Lunch Break 12:45 – 13:45 

13:45 – 14:45

Panel 3: The US experience in shortening the settlement cycle so far.
Presentation of the US experience in the first month of T+1, followed by a debate on lessons learnt for the EU. 

  • Presentation: Valentino Wotton (DTCC)
  • Panellists: James Cunningham (BNY), Jim Goldie (Invesco), Marc Bayle de Jessé (CLS)
  • Moderator: Carsten Ostermann, Head of Markets and Digital Innovation Department (ESMA) 
14:45 – 15:00

Concluding remarks by Rodrigo Buenaventura