A member of
Eurex Clearing
With this circular, Eurex Clearing informs its Clearing Members, Settlement Institutions and their clients about the industry-wide transition to a shortened securities settlement cycle (T+1) in Europe on 11 October 2027. This change will entail process and operational adjustments across the post‑trade value chain.
Details
The transition to a shortened securities settlement cycle (T+1) represents an industry-wide initiative aimed at reducing counterparty risk, increasing capital efficiency, and harmonizing settlement practices across major financial markets. Following similar moves in North America, European markets including the EU, the United Kingdom (UK), and Switzerland (CH) are preparing for the T+1 settlement regime. A move to T+1 will require market participants to adapt operational, technological, and post‑trade processes to accommodate the reduced timelines. In preparation for this industry change, Eurex Clearing has assessed the necessary adjustments required to its clearing processes.
To support Clearing Members and clients in their readiness efforts, Eurex Clearing has created a dedicated T+1 Initiative page Shortening of Settlement Cycle to T+1.
This page provides a detailed description of the initiative, including Eurex Clearing’s assessments and a continuously updated set of Frequently Asked Questions (FAQs). Eurex Clearing will update this page on an ongoing basis as further regulatory guidance, market standards, and implementation details become available.
Required action
Clearing Members and clients are requested to assess the potential impacts of the transition to a T+1 settlement cycle on their internal operational processes. This assessment should include a review of trade processing workflows as well as funding and liquidity management arrangements.
Members are further expected to evaluate whether adjustments to their internal end‑of‑day processes or automated processing capabilities will be necessary to meet the shortened timelines under T+1. Eurex Clearing strongly recommends initiating internal readiness activities at an early stage to ensure a smooth transition.
Clearing Members should regularly check the dedicated T+1 Initiative page Shortening of Settlement Cycle to T+1 for updates and to assess their own operational readiness for the transition to T+1. Additionally, Clearing Members are encouraged to engage with their respective Eurex Clearing Key Account Managers or client.services@eurex.com to clarify any questions relating to the initiative.
Kind regards,
Your Client Services Team
Further information
Recipients: | All Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG, vendors and other affected contractual parties | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
| Contact: | client.services@eurex.com | |
| Web: | ||
| Authorized by: | Jens Janka |