Europe to shorten securities settlement to one day in 2027
Piero Cipollone, a member of the Executive Board of the European Central Bank, said Europe will move to T+1 securities settlement on 11 October 2027, cutting the settlement period from two days to one. He spoke at an EU T+1 Industry Committee event in Frankfurt am Main on 29 October 2026. According to his remarks, a shorter cycle can reduce market and counterparty risk. He framed the change as part of wider work to make Europe's financial system more efficient, resilient, safer and competitive.
Key facts
- The ECB is modernising wholesale payments and securities settlement while preparing for a digital euro, Cipollone said.
- The ECB is also working to improve cross-border payments and to use distributed ledger technology, according to Cipollone.
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Why it matters
A shorter settlement cycle is expected to reduce risk for market participants and their counterparties across Europe.
What changed
First published from European Central Bank