T+1 in the UK - UK accelerated settlement

The UK is transitioning to a faster securities settlement cycle known as T+1, with trades settled one day after the transaction date. This move is part of the broader efforts to enhance the efficiency and security of financial markets.

The UK Government has accepted the recommendations of the Accelerated Settlement Taskforce (www.gov.uk), and the transition to T+1 is set to take place on 11 October 2027. This change aligns the UK with other global markets, such as EU, which is also expected to move on 11 October 2027, and the US, which already moved to T+1 in May 2024, with the aim to reduce risks associated with the current two-day settlement cycle.

As a key partner to the UK Accelerated Settlement Taskforce (ww.acceleratedsettlement.co.uk), Euroclear UK & International is proud to take on the secretariat role, providing the taskforce and the industry with the support needed to drive this important transformation.

Efficient securities markets are essential for fostering prosperity among companies, governments and investors - the very essence of the financial sector's purpose. As a linchpin infrastructure within this ecosystem, we are committed to collaborating with all stakeholders towards a synchronised transition in the UK, harmonised with EU and Switzerland, thus modernising our markets to meet evolving global practices.

"Euroclear UK & International already settles Gilts on T+1 and is committed to a smooth transition to a T+1 settlement cycle for shares. We are diligently working on transforming our CREST system to support accelerated settlement, ensuring market integrity and client satisfaction. We are proud to support the UK's Accelerated Settlement Taskforce and will continue to provide the necessary infrastructure and expertise to drive this important transition, enhancing the speed and capital efficiency of financial markets."

Chris Elms
CEO, Euroclear UK & International

T+1 Pulse Q1 2026 - survey results

Based on feedback from market participants worldwide, the data highlights how the UK is progressing towards T+1.

Key findings

With 83% of firms actively engaged on T+1, the UK leads the world in preparation for accelerated settlements
51% of firms have started their T+1 project work by Q1 2026
57% of the buy-side have yet to start development work

Read the key highlights here

UK T+1: Same-day stock loan return – Webinar on demand

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Hold & release and auto-splitting functionality for UK T+1 – Webinar on demand

We recently hosted this webinar to support your preparation for the UK’s move to T+1 settlement.

In this webinar, we walk you through:

how hold & release and auto-splitting work in practice
how these features align with the Accelerated Settlement Taskforce recommendations
what this means for your operational processes as the industry transitions to T+1

This session provides practical insights to help you navigate the shift to accelerated settlement with confidence.

Watch the webinar recording now

This session was hosted on the BrightTALK platform.

If prompted, and:

you have previously registered to BrightTALK - use your login details to watch this sessions on demand.
you are new to the BrightTALK platform - you will need to register once. From then on, you can use your BrightTALK login to access this recording and any other sessions on the Euroclear Webinar Channel.

We also recommend consulting the slide deck, UK T+1 - Auto splitting & Hold & Release. It draws on the information in the webinar and contains useful information on the two functionalities and how best to use them.

Europe publishes a joint T+1 Testing Plan with a call for action in 2026

The EU T+1 Industry Committee, the UK Accelerated Settlement Taskforce, the Swiss Securities Post-Trade Council T+1 Taskforce and the joint Testing Taskforce published their joint T+1 industry Testing Plan on 25 March 2026.

The testing and readiness plan outlines:

the general scope and principle on industry-wide testing and the business-readiness activities to consider in preparing for the T+1 transition
testing compliance both individually and as part of the industry settlement chain

Access the report now

T+1 Testing Plan (pdf-1.5MB)

Updated delivery timeline for T+1 changes to the CREST system

As part of our ongoing efforts to enhance the resilience and functionality of the CREST system, and in anticipation of the T+1 landscape, we are proposing to further extend our opening hours for clients’ instruction input and inquiries.

See our proposed timeline

UK T+1 proposed changes to the CREST system timeline (pdf-411KB)

Response to the AST recommendations

The final report of the Accelerated Settlement Taskforce (AST) contained recommendations that directly affected or named Euroclear UK & international or the CREST settlement system.

To facilitate the assessment of specific impact areas and any developments or process changes that need to be implemented by participants in the UK securities ecosystem, we are outlining our response to the various AST recommendations in the document below.

Key highlights:

The review was required by critical recommendation FMI 01a & b (procedures, policies, operating framework and technology) and highly recommended action FMI 03 (rule books) as set out by the AST in its final report. We are pleased to have published the result of our review six months in advance of the deadline set by AST.
Completion of the review for FMI 01a & b has not highlighted any barriers to a move to T+1 and the review of legal and operational documentation for FMI 03 highlighted only one substantive change related to CREST Rule 6. The proposed change was included in the consultation we held in early June and is repeated in our formal response below.
In the formal response, we have also confirmed that the CREST Transformation programme schedule will avoid major platform changes in the period immediately before and after the T+1 implementation date as required by critical recommendation FMI 02.

Euroclear UK & International response to recommendations of the AST

Market consultation

In May 2025, Euroclear UK & International released a consultation paper outlining the proposed changes to align with the recommendations of the Accelerated Settlement Taskforce.

UK T+1 Consultation paper – Euroclear UK & International (pdf-496KB)

In August 2025, Euroclear UK & International published the response to the consultation.

UK T+1 Consultation response – Euroclear UK & International (pdf-600KB)

Matching and settlement monitoring

Each quarter, we publish matching and settlement data extracted from the CREST system operated by Euroclear UK & International, in accordance with the recommendation of the Accelerated Settlement Taskforce.

Visualise the latest data at a glance

Euroclear UK & International matching and settlement monitoring - Graphs (xlxs-124kb)

Dive into the data behind

Euroclear UK & International matching and settlement monitoring - Data (xlsx-30kb)

These files present data for the periods indicated relating to bilateral standard deliveries (i.e. not cleared by a CCP) of equities, split by their security category.