The SSMA’s response to the consultation on the High-level Roadmap to T+1 Securities Settlement in the EU
The Swedish Securities Markets Association’s response to the consultation on the High-level Roadmap to T+1 Securities Settlement in the EU
The settlement cycle for securities will be shortened to T+1 in the EU/EEA. In June 2025, the EU T+1 Industry Committee published a High-Level Roadmap to T+1 Securities Settlement in the EU. The roadmap contains a series of recommendations developed collaboratively by industry experts to support market participants in the transition to T+1 settlement and to assists stakeholders to identify as early as possible all relevant operational and regulatory changes necessary to operate effectively in a T+1 environment prior to the implementation date of 11th October 2027.
A shortening of the settlement cycle implies that settlement of the securities will have to take place no later than on the day following the day of the transaction (T+1).
The SSMA supports a shortening of the settlement cycle to T+1. We follow the work in Europe closely and work together with our members to prepare the transition in Sweden. We do not foresee any major impediments, showstoppers, regulatory impediments or other obstacles that could prevent the achievement of the activities and deadlines outlined in the report. Nor do we see any national specificities that could prevent the implementation of the recommendations. The SSMA supports a temporary suspension of the CSDR cash penalties mechanism during the transition period and in our response to the consultation we have included some input on how a regulatory mechanism that allows for a temporary suspension could be structured.