On the 11 October 2027 the settlement cycle for securities will be shortened in the EU; readiness surveys open until 9 June 2026

Based on the regulatory amendment adopted by the European Parliament and the Council in June 2025, the settlement cycle will move to T+1 as from 11 October 2027. Supervisors consider it important that market participants proactively assess the impacts of the change on their operations and progress with preparations in a risk-based and controlled manner.

To support the move to T+1, EU authorities and the industry have promoted coordinated preparations under a dedicated governance framework. As part of this work, the EU T+1 Industry Committee (EUIC) has conducted a survey to assess progress, to support monitoring and further preparatory work. Based on the results so far, awareness is at a good level, but there is still variation in the stage of preparations. A successful transition requires market participants to increase automation and reduce manual processing steps.

Surveys

National competent authorities have launched an ESMA-coordinated survey, enabling authorities to obtain more detailed information to support supervisory activities.

The survey can be completed in English only. The NCAs’ survey is accessible at the following link here. In addition, a separate survey complements the EUIC survey.[1]

The Financial Supervisory Authority encourages its supervised entities active in capital markets to respond to the surveys no later than 9 June.

The survey assesses how aware different market participants are of the change and how far their preparations have progressed. It also asks whether the organisation has taken the identified challenges into account in its implementation plan.

The survey is particularly addressed to the following entities:

• Investment banks and brokers: All parties that handle securities trades.
• Central securities depositories (CSDs): For example Euroclear Finland, which is preparing for the move to a T+1 cycle.
• Asset managers and investment funds: Entities that buy or sell equities and bonds.
• Custodians: Parties responsible for safekeeping and settlement of assets.
• Trading venues: Exchanges and other venues where securities are traded.

Please note that, in processing the responses, ESMA has access to all responses to the competent authority survey, while each national competent authority will only see the responses of entities falling within its own remit.

For technical questions and enquiries regarding the survey, please contact: T1Coordination(at)esma.europa.eu.

Further information

Jenni Koskinen, Senior Supervisor, tel. +358 9 183 2364 or jenni.koskinen(at)finanssivalvonta.fi

See also

• Regulation (EU) 2025/2075 of the European Parliament and of the Council of 8 October 2025 amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union
• ESMA webpage on the T+1
• ESMA report on the shortening of the settlement cycle
• EU T+1 INDUSTRY COMMITTEE
• EU T+1 guidance and ressources of the Industry Committee
• High-level Roadmap of the Industry Committee
• EU T+1 Securities Settlement Handbook

[1] The EU T+1 Industry Committee has launched its second readiness survey, addressed to all financial market participants, to monitor organisations’ readiness, challenges and plans for implementing the T+1 settlement cycle and the related regulatory changes.