Accelerated settlements: T+1 in the EU – Q1 2026 key findings
How is EU readiness changing as firms move closer to T+1 delivery?
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Based on input from more than 600 market participants, these key findings examine how firms in the EU are progressing towards T+1. The findings show rising engagement, but also continued pressure around automation, counterparties and operational dependencies.
Engagement is rising
Engagement
Engagement has moved up sharply, but readiness remains well behind participation.
This is up from 65% in Q3 2025.
Full readiness remains low
Readiness
Most firms are now engaged, but only a small minority see themselves as ready.
Development work remains incomplete across several parts of the market.
Automation work is back-loaded
Delivery
A large share of delivery is now moving closer to the testing window.
Clients, counterparties and custodians are also becoming more material dependencies.
UK leads on engagement
Engagement
The UK is the most advanced market in the study on engagement, but execution risk remains.
This is up from 66% in Q3 2025.
Development work is still missing
Readiness
The key gap is no longer awareness. It is practical delivery.
Only 14% consider themselves compliant or fully prepared.
Provider readiness is weak
Dependency
External readiness remains one of the clearest execution risks in the UK market.
34% of firms are also expected to miss the 2026 deadline for allocations and confirmations.
Switzerland is preparing early
Engagement
Despite a later start, Swiss engagement is already strong.
The market is moving decisively into preparation ahead of the 2027 deadline.
Automation is concentrated in 2027
Delivery
A significant share of build activity is still scheduled close to the deadline.
This makes execution timing an important focus from here.
Recommendations are on track
Implementation
The policy framework is largely expected to be in place before the transition date.
Market operator readiness remains more mixed.
EU readiness for T+1 is building, but operational pressure remains material. Engagement has increased since Q3 2025, yet the path to implementation still depends heavily on automation timelines, service provider support and cross-market coordination.
Where is readiness improving across the EU? Which dependencies are becoming more important as firms move from planning towards practical delivery?
These key findings draw on input from more than 600 financial services professionals, with 73% of responses coming from Europe. The EU findings show where readiness is advancing, and where market participants continue to face pressure around technology, counterparties and trade-cycle change.
The research, produced in partnership with Euroclear and Clearstream, highlights:
80% of firms are actively engaged in EU T+1 preparations: this is up from 65% in Q3 2025
Only 14% see themselves as compliant or fully prepared as of Q1 2026
57% of investors and 49% of custodians have yet to start development work
63% expect to complete automation work in 2027: key delivery work is moving closer to the testing window
Clients, counterparties and custodians are a growing concern for up to 37% of firms
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