Preparing for T+1: Euronext Securities’ journey towards accelerated settlement
Author: Thomas Metier, Programme executive, T+1 settlement migration programme, Head of Nordic Business Operations, Euronext Securities (Copenhagen)
The European financial industry is preparing for a significant change as settlement cycles move towards T+1 – the settlement of securities transactions one business day after the trade date. At Euronext Securities, we are working collectively across our four central securities depositories (CSDs) to ensure a smooth and timely transition for all clients.
Regulatory context and a pan-European approach
The move to T+1 is driven by European regulatory initiatives, such as the Central Securities Depositories Regulation (CSDR), and by the global trend towards shorter settlement cycles. The European Securities and Markets Authority (ESMA) is guiding the transition, with a phased implementation beginning in December 2026 and concluding with the official target date of 11 October 2027. Notably, Norway, although not obligated to do so, has chosen to participate in the migration alongside Denmark, Italy and Portugal. Norway’s decision underlines Euronext Securities’ commitment to harmonisation and delivering value to clients across all markets.
Key milestones on the road to T+1
The T+1 migration is a complex process involving regulatory alignment, system upgrades and close collaboration with market participants. Our programme is structured around clear milestones, including:
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Internal readiness assessments (Q1 2026)
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Client testing phase (early to Q4 2027)
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Phased implementation starting December 2026
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Target go-live date: 11 October 2027 (subject to final confirmation by regulators).
Thomas Metier, Programme executive for the T+1 settlement migration, notes:
The transition to T+1 is not just a technical upgrade – it is also a shift in how we operate. Our clients can expect a proactive approach from Euronext Securities, with regular updates, training and support throughout the migration.
What T+1 means for Euronext clients
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Shorter settlement time: Trades will be settled one business day after execution, instead of two.
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Increased efficiency: Faster settlement will accelerate the flow of funds and securities, giving investors quicker access to capital and potentially increasing trading volumes.
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Enhanced competitive positioning: Alignment with global best practices positions European markets competitively on the international stage and demonstrates commitment to operational excellence.
Technological and operational changes
Market participants will need to implement significant technological, operational and organisational changes to accommodate same-day allocations and other new requirements. Euronext Securities is providing regular updates, training sessions, technical documentation and opportunities for client feedback throughout the migration.
We understand that our clients are facing significant changes, and we are committed to supporting them every step of the way. Early preparation and open dialogue will be key to a successful transition
Practical guidance: how to prepare for T+1
To prepare for T+1, clients should:
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Review internal trade matching and funding processes to ensure they can meet the shorter settlement cycle
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Engage with Euronext Securities’ project teams for updates and support
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Participate in scheduled testing activities to validate readiness
Supporting our clients – and those considering Euronext’s European offering
For organisations considering Euronext’s European offering, our unified approach to T+1 demonstrates our ability to deliver seamless, cross-border solutions and operational excellence.
Next steps and further information
We encourage all clients to review their operational readiness, engage with our project teams and participate in upcoming testing activities.