Post-trade transformation in Europe: report

Explore why connected data flows are key to improving European settlement efficiency ahead of T+1.

In Partnership with

European settlement volumes rose 15% in 2025, while failed trades increased 21%, increasing pressure across an already complex post-trade environment.

Produced with DTCC, this report examines the root causes of settlement inefficiency and how more connected, automated data flows could support a more scalable operating model ahead of the move to T+1.

Settlement inefficiency

Growth

Europe’s failing trade volumes are outpacing settlement volume growth, 21% to 15%, respectively.

Failed trades create significant daily costs across penalties, funding, processing and manual intervention.

SSI automation gap

Automation

A graphic stating 33% of middle offices have automated SSI storage and exchange.

Breaking the cycle of inefficiency requires addressing root causes and improving data quality, consistency, and movement.

Manual SSI processes remain a major source of operational friction across European settlement workflows.

Automation accelerates

T+1

Chart showing 55% increased middle-office automation after North American T+1.

An opportunity for the industry to move beyond managing inefficiencies and instead build a stronger foundation for acceleration.

The North American transition shows how compressed timelines can act as a catalyst for greater automation across post-trade operations.

The report looks at where friction is building across the European post-trade lifecycle and how firms can improve data quality, automation and workflow connectivity.

The research explores:

Settlement efficiency and the cost of failed and late trades
Fragmented data flows across middle and back office
Automation gaps in SSIs, allocations and confirmations
T+1 readiness and the impact of compressed timelines
Target operating models based on connected data and standardised workflows
Industry infrastructure that can support greater automation and real-time visibility
The report also examines how existing capabilities can be used to improve settlement performance and reduce operational friction ahead of the 2027 transition.