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ARTICLE · 20 NOVEMBER 2024

T+1 Update: ESMA Recommends Move To T+1 On 11 October 2027

Arthur Cox
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ESMA published the Report on its assessment of the shortening of the settlement cycle in the EU to T+1 yesterday, 18 November 2024.

IrelandFinance and Banking
Phil Cody
Phil Cody
Aiden Small
Aiden Small
Peter Murphy
Peter Murphy
Sarah Thompson
Sarah Thompson
Sinead Cantillon
Sinead Cantillon
Sarah O'Sullivan
Sarah O'Sullivan
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ESMA published the Report on its assessment of the shortening of the settlement cycle in the EU to T+1 yesterday, 18 November 2024.

Key points:

  • As expected, the suggested transition date falls in Q4 2027 (11 October 2027) – there will not be a phased transition. Notably the latest indications from the UK are that its move to T+1 is likely to take place in H2 2027 – final recommendations are expected from its Accelerated Settlement Technical Group by the end of 2024 (following its recent consultation on its draft recommendations).
  • The work involved in moving to T+1 will have three stages: finalising the solutions that are needed by Q3 2025, implementing those solutions by end-2026, and testing throughout 2027 in advance of the 11 October 2027 deadline.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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