The European Commission’s push for a move to T+1 is driven by their desire to promote settlement efficiency and increase the resilience of EU capital markets whilst developing deeper and more liquid capital markets - key objectives of the Savings and Investments Union (SIU).
T+1 in Europe - The road ahead for the EU
In January 2025, the EU announced the governance structure to support the transition to the T+1 settlement cycle across the EU, comprising three distinct levels.
- A Coordination Committee to ensure coordination between the authorities and the industry, advising on challenges that may arise during the transition.
- An Industry Committee, composed of senior leaders and representatives from market players, chaired by Giovanny Sabatini.
- Technical workstreams, operating under the Industry Committee, focusing on the operational changes needed in the areas concerned by the transition to T+1.
Euroclear is proud to provide resources to support the work of both the Industry Committee and the Technical Workstreams.
Gareth Jones, Head of Product Management Settlement and Cash at Euroclear is one of the Co-leads of the EU Operational Timetable Workstream, and member of the Industry Committee, where he also acts as representative for the European Central Securities Depositories Association (ECSDA). We are also providing experts to each of the Technical Workstreams, drawn from across the Euroclear group including Euroclear Bank, ESES, Euroclear Finland and Euroclear Sweden.
An introduction from Gareth Jones
Gareth Jones, Head of Product Management Settlement and Cash at Euroclear is one of the Co-leads of the EU Operational Timetable Workstream and leadsthe Euroclear team of experts as they collaborate with all industry sectors to deliver a smooth transition to mandatory T+1 settlement across the EU in October 2027.
In this short introductory video Gareth sets the scene for the EU transition, the similarities and differences in approach compared to the US, the benefits to be achieved by migrating to T+1. He highlights how collaboration and communication will be the key drivers for a smooth and successful transition and how Euroclear plans to keep clients informed and help them prepare for their own T+1 transition.
EU T+1 Industry Committee publishes roadmap report
After 5 months of intense and detailed work from the various EU technical workstreams, involving over 80 institutions, including Euroclear, the industry has created a list of recommendations, a practical framework of what needs to be done to achieve a smooth and orderly transition to T+1 across the EU. The EU T+1 Industry Committee published them in their report ‘High-Level Roadmap to T+1 Securities Settlement in the EU’ on 30 June 2025.
The roadmap is not designed to offer a comprehensive solution to all challenges posed by the T+1 transition, but rather it provides a framework for organisations to identify and address the most critical operational considerations to support preparations and budget allocation for their own transitions.
The first webinar in our T+1 webinar series was a great introduction to this complex and challenging project. In this webinar, we set the scene of the work of the various EU technical workstreams planning the transition as they prepared to issue their first recommendations at the end of June 2025. The webinar is a great introduction to the topic and challenges ahead and is now available on demand.
The transition to T+1 is a major event for European markets, impacting many business lines and requiring a great deal of co-ordinated effort from everyone to achieve a smooth transition.
Once all trades must be settled at the latest by T+1, many existing manual processes will no longer be able to cope with the volumes and compressed timescales. Consequently, many manual processes will need to be replaced by automated solutions, adding to the already complex task.
In line with our mission of ensuring the efficiency of markets and actively enabling the reduction of risk, we launched our settlement efficiency initiative in 2024 with the twin aims of improving settlement efficiency across the industry overall and in anticipation of changes needed to T+1. As well as bringing the industry together to improve their own settlement efficiency, Euroclear is also collaborating with others to bring innovative solutions to the market to support a smooth transition to T+1.
We will keep you informed as we make the journey to T+1 with regular updates, so bookmark this page to stay up to date with the latest news!
If you have any questions about T+1, don't hesitate to contact us: Tplus1@euroclear.com
