T+1 implementation guide for European markets: report

T+1 preparation in Europe is moving from high-level planning into more detailed implementation decisions. The central challenge is not simply whether firms are investing, but whether their operating models, infrastructure and trade-cycle workflows are ready to support accelerated settlement at scale. 

What questions should firms be asking as they prepare for T+1 in Europe? Where are the main execution risks emerging across structure, scalability and trade-cycle design?

The report draws on industry benchmarking results and interviews with leading experts to provide a practical framework for firms preparing for accelerated settlement. It is structured around foundational questions, regional considerations and trade-cycle pressure points across execution, confirmation, funding and settlement.

The research, developed in collaboration with Citi, the UK T+1 Accelerated Settlement Taskforce and the European Union (EU) T+1 Industry Committee, highlights:

• 31% report budget growth: some firms are increasing investment operations budgets, but funding alone is not resolving execution challenges

• 32% still process trades locally: localised processing models remain common, increasing operational fragmentation

• 29% do not operate a global model: many European firms still lack the model consistency needed for more compressed settlement cycles

• 25% believe current infrastructure may not scale effectively into T+1

• 40% identify securities lending as a risk: securities lending platforms are seen as a key scalability constraint in the transition