Navigating the Transition to T+1 Settlement in Europe and the UK

The transition to a T+1 settlement cycle across Europe, the UK and Switzerland represents one of the most significant structural changes to regional capital markets in over a decade. It is widely discussed as an operational challenge, but in practice it requires a fundamental redesign of front to back processes, governance, data and technology across the entire value chain.

This paper builds on Protiviti’s ongoing dialogue with market participants, insights from recent industry publications, and themes discussed during Protivitiʼs T+1 Settlement webinar in March with Andrew Douglas, Chairman of the UK T+1 Taskforce, and Antoine Pertriaux, European Capital Markets Lead at Protiviti. It highlights both the opportunity for a more resilient and efficient market, and the execution risks that firms must now address with urgency.

As the October 2027 deadline approaches, firms must now move decisively into implementation. This demands a shift in mindset from incremental back-office optimisation to building a T+0-oriented operating model where key processes are completed on trade date.