T+1 feedback report shows mixed impacts of shortening the settlement cycle in the EU

March 21, 2024-The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is today publishing feedback received to its Call for Evidence on shortening the settlement cycle.
In the report ESMA summarises the feedback from market participants during the consultation, focused on four areas:

Many operational impacts beyond adaptations of post-trade processes are identified as resulting from a reduction of the securities settlement cycle in the EU.

Respondents identified a wide range of both potential costs and benefits of a shortened cycle, with some responses supporting a thorough impact assessment before deciding.

Respondents provided suggestions around how and when a shorter settlement cycle could be achieved, with a strong demand for a clear signal from the regulatory front at the start of the work and clear coordination between regulators and the industry.

Stakeholders made clear the need for a proactive approach to adapt their own processes to the transition to T+1 in other jurisdictions. Some responses warned about potential infringements due to the misalignment of the EU and North America settlement cycles, that ESMA is currently assessing.

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