Firms accelerate preparations for the T+1 transition next year, survey finds
03 July 2026 France
Image: Jo/stock.adobe.com
The EU T+1 Industry Committee has published the results of its second market-wide readiness survey, showing that firms have significantly accelerated preparations for the transition to a one-day settlement cycle ahead of the 11 October 2027 implementation deadline.
Conducted by The ValueExchange, the survey found that 83 per cent of firms are actively preparing for T+1 settlement, while 58 per cent have formal implementation plans in place, more than double the proportion reported six months ago.
Industry awareness has also risen to 86 per cent, with just 2 per cent of respondents reporting that they have taken no action.
The survey found that larger market infrastructures, custodians, and intermediaries are generally well advanced in their preparations, while asset managers, pension funds, and smaller firms continue to progress at a slower pace, with some implementation plans not expected to be completed until the first quarter of 2027.
Respondents identified dependencies on counterparties, intermediaries, and technology providers as the main implementation challenge, cited by 64 per cent of firms.
More than half said they are awaiting additional guidance from intermediaries before finalising their plans.
The committee also highlighted automation as an ongoing challenge, with many firms still working to automate middle office processes such as allocations, confirmations, and standing settlement instructions.
It added that coordinated market-wide testing will be essential as the industry moves into the next phase of implementation.
More than 90 per cent of respondents said they expect to be operationally ready by the October 2027 deadline, although the committee noted continued risks in middle office, settlement processing, and fund-related activities.
Giovanni Sabatini, independent chair of the EU T+1 Industry Committee, says: 鈥淭he question is no longer whether Europe will move to T+1 鈥� that date is fixed. The question the industry is now asking is how we all get there together, on the same day, as one market.鈥�
Conducted by The ValueExchange, the survey found that 83 per cent of firms are actively preparing for T+1 settlement, while 58 per cent have formal implementation plans in place, more than double the proportion reported six months ago.
Industry awareness has also risen to 86 per cent, with just 2 per cent of respondents reporting that they have taken no action.
The survey found that larger market infrastructures, custodians, and intermediaries are generally well advanced in their preparations, while asset managers, pension funds, and smaller firms continue to progress at a slower pace, with some implementation plans not expected to be completed until the first quarter of 2027.
Respondents identified dependencies on counterparties, intermediaries, and technology providers as the main implementation challenge, cited by 64 per cent of firms.
More than half said they are awaiting additional guidance from intermediaries before finalising their plans.
The committee also highlighted automation as an ongoing challenge, with many firms still working to automate middle office processes such as allocations, confirmations, and standing settlement instructions.
It added that coordinated market-wide testing will be essential as the industry moves into the next phase of implementation.
More than 90 per cent of respondents said they expect to be operationally ready by the October 2027 deadline, although the committee noted continued risks in middle office, settlement processing, and fund-related activities.
Giovanni Sabatini, independent chair of the EU T+1 Industry Committee, says: 鈥淭he question is no longer whether Europe will move to T+1 鈥� that date is fixed. The question the industry is now asking is how we all get there together, on the same day, as one market.鈥�
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