The European Commission welcomed a political agreement between the European Parliament and the Council to amend the Central Securities Depositories Regulation to shorten the EU securities settlement cycle from two days to one. Under the agreement, securities executed on EU trading venues would move from T+2 to T+1 settlement by 11 October 2027. The Commission framed the change as supporting more efficient and resilient EU capital markets by reducing the time that settlement-related risks persist and speeding up the delivery of cash and securities. It also pointed to benefits for market liquidity and the Savings and Investments Union, alongside lower costs from misaligned settlement cycles with jurisdictions that have already shifted to T+1; the amendment is intended to provide legal certainty on the transition date and allow market participants time to prepare. In the coming months, the Commission expects continued cooperation with EU public authorities and the financial industry to implement T+1 in practice.
European Commission 2025-06-19
European Commission welcomes Parliament and Council agreement to move EU securities settlement to T+1 by 11 October 2027
The European Commission announced a political agreement to amend the Central Securities Depositories Regulation, reducing the EU securities settlement cycle from T+2 to T+1 by 11 October 2027. This change aims to enhance market efficiency, resilience, and liquidity while aligning with jurisdictions already at T+1. The Commission anticipates ongoing collaboration with EU authorities and the financial industry for implementation.