UK Settlement Task Force sets out timeline for T+1 transition

Live from October 2027

The UK’s Accelerated Settlement Task Force (AST) has set out its intended roadmap for the implementation of the change from T+2 to T+1 securities settlement.

Globally, financial markets have been moving in droves towards a shorter settlement cycle, from two days after the execution of a trade to one day, known as the T+1 cycle.  According to the plan, UK cash equities will first be eligible for settlement on a T+1 cycle from 11 October 2027. The AST has also set out a defined UK T+1 Code of Conduct (UK-TCC), which includes the scope, a timetable of recommended actions to bolster market practices and a set of expected behaviours that UK market participants must oblige by to meet their legislative obligations under the new regime.  ESMA r...