Securities trading in the EU, UK and Switzerland will adopt a T+1 settlement cycle by October 2027. Europe’s transition follows the successful shift to T+1 by US and Canadian securities markets in May 2024 – a significant milestone in market infrastructure, and a key step toward global harmonization of settlement cycles.

As the industry prepares for Europe’s transition to T+1, we will continue to work to address any emerging issues in collaboration with our settlement members and the wider FX market, while continuing to provide the stability, risk mitigation, and efficiency necessary for the smooth functioning of the FX market and the wider financial ecosystem.