Two European surveys launched on the transition to the T+1 settlement cycle
On 12 May, two European surveys were launched focusing on the transition to the new T+1 settlement cycle for securities transactions concluded on trading venues. The new framework, introduced by Regulation (EU) 2025/2075, will apply as of 11 October 2027 and will require transactions to be settled on the first business day following the trade date (T+1), instead of the second business day under the current T+2 settlement cycle.
To support the market throughout this transition, a dedicated European governance structure has been established, comprising an Industry Committee - representing the industry - and a Coordination Committee, chaired by the European Securities and Markets Authority (ESMA) and including the European Commission and the European Central Bank (ECB). At national level, preparatory work is coordinated by CONSOB and Banca d'Italia.
Specifically, the following two surveys were launched on 12 May and are currently under way:
- the second edition of the Industry Committee (IC) survey on the state of preparedness for the transition to the T+1 cycle (the results of the first survey are available on the Committee’s website);
- a complementary survey promoted by the national competent authorities and coordinated by ESMA on the draft legislative measures submitted to the European Commission on 13 October 2025, which are expected to be approved by summer 2026.
Broad participation in the surveys by market participants is essential to help the authorities assess the level of market readiness and to identify any potential issues at an early stage.
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