Implementing UK and EU T+1 recommendations

T+1 implementation accelerated over the summer with the publication of the EU Industry Committee’s High-Level Roadmap. With Switzerland matching the same go-live date as the UK and EU (11 October 2027), the race to T+1 settlement cycle has officially started.

Background and scope

UK Accelerated Settlement Taskforce (AST) published the implementation plan in February 2025, outlining 12 critical and 26 highly recommended actions to ensure an orderly transition to T+1. On 3 July 2025, EU T+1 Industry Committee launched the High-Level Roadmap outlining 51 high, 6 medium and 2 low recommendations.

Implementing UK and EU T+1 recommendations - graph 1

How do the UK and EU T+1 recommendations compare?

Key overlaps

Key differences

  • Preparation for T0 activities to be completed by the end of 2026
  • Automation of manual processes
  • Standardisation and automation for sharing of SSIs
  • FMIs responsibility to update rulebooks to support T+1 settlement cycle
  • Importance of securities lending recalls and its high impact from T+1
  • Promotion of the use of CSD settlement efficiency tools
  • Allocation and confirmation processing deadline (UK: 23:59 UK Time on T and EU: 23:00 CET on T)
  • Instruction submission deadline (UK: 05:59 UK Time on T+1 and EU: 23:59 CET on T)
  • UK identifies FMI responsibility to feedback. EU sets specific deadlines and rules due to complexity
  • EU has detailed SFT deadlines compared to the UK, listing out specific recall and return deadlines
  • EU has stronger wording on the use of CSD functionalities
  • EU has stricter requirements to mandate PSET at the point of allocation

While regulations for a T+1 environment have yet to be finalised, both UK and EU recommendations serve as the basis for regulations and should be adhered to by market participants as best practice or explain applicability. The public authorities may use the recommendations as a base in developing formal regulation. Due to the proximity of the region and the similar timing of T+1 transition, it is important to understand the key overlaps and differences.

Forvis Mazars’ commitment to your success

Our team possesses in-depth technical knowledge of the UK / EU T+1 requirements, as well as practical implementation experience supporting clients as part of their T+1 adoption across the US, Canada and Mexico. Through our experience, expertise and network, we can support through the different phases of your T+1 implementation journey, as highlighted below.

We bring together highly skilled consultants who support clients throughout the full lifecycle of T+1 programmes, from strategic assessment to hands-on delivery paired with SME support from industry and functional experts across many specialisms (technology, process and controls, regulations) as required.

T+1 implementation support

Implementing UK and EU T+1 recommendations - graph 2
  

Benefits of Forvis Mazars

  • We are fully embedded in the industry leading T+1 working groups and are leading the operational workstreams of the UK Accelerated Settlement Taskforce.
  • We are leading several AMRS and EMEA T+1 engagements supporting G-SIBs to meet their ambitions and objectives.
  • We take pride in our speed and responsiveness in both delivery and communication, enabled by our agile structure, low-leverage model, and collaborative culture.
 

 

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