EU T+1 Pulse survey

• T+1 has a global impact beyond Europe.

- 27% of survey respondents were based outside Europe.

- 56% of APAC respondents expect to be significantly impacted by T+1, compared to 43% in Europe and 40% in North America.

- Asian respondents expect T+1 to hit them harder across the entire trade cycle.

• Automation is receiving the attention it needs.

- 61% are working on automating settlement instruction processing.

- 40% are working on automating SSIs.

- Inventory management, corporate actions and securities lending flows are an automation focus to a lesser extent.

• 63% of firms expect to complete their automation work in 2027 ahead of testing.
• 78% of market operators will be ready for testing in Q1 2027.
• 40% of respondents believe their global custodians are ready to support their transition to T+1.

In the last six months, T+1’s expected impact has widened with trade execution and client onboarding emerging as the two areas of fastest growing concern. This in part reflects that much work has already been completed and more is scheduled on settlement instruction processing, populating PSET, partial settlement, partial release and hold and release implementation.

Recognising that T+1 means automation, 51% of firms have already automated settlement instruction processing. Coupled with 40% already taking action on SSIs and the increased population of traditional pinch points such as PSET and PSAF, the industry is moving forward towards implementation.

With partial settlement, hold and release also featuring prominently in T+1 planning and implementation the industry has embraced the recommendations of the roadmaps and implementation plans. 

EasyFocus®+ is our innovative and ground-breaking settlement efficiency platform, taking Euroclear’s universe of settlement data, analysing and enriching it using AI to re-write the settlement story. Euroclear already processes more than 60% of European settlement turnover, giving EasyFocus+ access to unrivalled data, giving unrivalled insights on our settlement issues and solutions. EasyFocus+ provides settlement efficiency benchmarking, including peer benchmarking, regulatory position with confidence, for informed strategic decision making and helps set performance targets and boosts efficiency through continuous Improvement. 

Read more about EasyFocus+

We will continue our engagement with clients around settlement efficiency and T+1 preparedness and will help client identify specific focus areas and critical points in their own processes, compare their practices to those of the highest performing clients we see in our settlement system and work with them to improve their process and reduce inefficiencies. 40% of survey respondents believe their global custodians are ready to support their transition to T+1 and Euroclear has committed its resources to ensure all our systems and processes are not only T+1 ready, but that 100% of our clients are fully supported throughout their own transitions.

Visit our dedicated T+1 website to have the latest T+1 updates as we shape the future together. As a global FMI, Euroclear has decades of experience of managing the complexity of diverse European markets and integrating them into a single seamless experience for our clients, leaving them free to focus on managing their own businesses.