T+1
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.
Strengthen your FX post-trade workflow for T+1
The shift to T+1 securities settlement is accelerating operational timelines across global financial markets. While CLSSettlement deadlines remain unchanged, operational timelines across the FX industry are accelerating – making near real-time visibility and faster exception detection on CLSSettlement instructions more important than ever.
To help market participants operate confidently in a compressed settlement cycle, CLS offers tools that enhance transparency and reduce manual touchpoints.
CLSTradeMonitor gives asset managers and funds near real-time oversight of all CLSSettlement and CLSNet instructions across their custodians and executing brokers, enabling faster identification and resolution of exceptions.
With CLSMarketData, market participants can gain deeper insight into market liquidity and risk exposures through a comprehensive suite of FX data products.
CLSNet provides an automated bilateral payment netting calculation service to help reduce funding requirements, streamline payment instructions and improve operational efficiency.
T+1 is coming to Europe. Here’s why FX firms must pay attention
The T+1 journey is far from over
Shaping FX: Leaders in FX – event recap
Update on the impact to CLSSettlement following the move to T+1 for securities settlement in the US
Navigating the T+1 Transition: the FX impact on the asset management community
Navigating the T+1 implications for FX traders
The move to T+1 in the North American securities markets
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