T+1 And The Global Race To Build The Next Generation Of Market Infrastructure

Résumé détaillé

Ultimately, T+1 leaves the obligations created by a trade unchanged but gives firms far less time to complete allocations, move collateral into place and resolve exceptions. It…

Richard Baker is the CEO of Tokenovate, a UK fintech delivering post-trade automation and settlement solutions for derivatives and SFTs.

In October 2027, U.K. and EU securities markets will join the U.S. and at least seven other markets worldwide already operating on the T+1 (transaction date plus one business day) settlement cycle. Allocations, affirmations, funding, reconciliation and settlement will all need to happen within a single business day, across a wide network of institutions and systems.

Censuswide’s 2026 research, commissioned by Tokenovate, revealed that 83% of U.K. post-trade professionals expect their firms to meet the deadline. Operational readiness tells a more nuanced story, though, with only 32% describing themselves as fully prepared today.

T+1 therefore gives firms a golden opportunity to make decisions that will shape how efficiently they operate well beyond October 2027. The technology, data standards and operating models firms put in place now will determine how well they adapt as markets move toward tokenized assets, continuous trading and more programmable settlement.​

The U.S. transition provides a useful indication of what can be achieved, while also showing the limits of relying on operational fixes. Following the move to T+1, almost 95% of transactions were meeting same-day affirmation criteria, compared with 73% at the start of 2024. The NSCC Clearing Fund also fell by an average of $3 billion, or 23%, with settlement failure rates remaining broadly in line with those seen before the change.​

Those results came after more than three years of coordinated preparation across firms and market infrastructures. Indeed, the U.K.’s Investment Association noted in a report earlier this year that some U.S. firms initially responded to T+1 by adding headcount and that manual work-arounds introduced to meet the deadline have proved difficult to unwind.

Ultimately, T+1 leaves the obligations created by a trade unchanged but gives firms far less time…

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