Consob calls on Italian financial market operators to participate in a European survey and express their views on the halving of financial transaction times across the EU.

From 11 October 2027, the time required for the settlement of these transactions will be reduced from the current T+2 regime (i.e. the exchange of money and securities relating to a financial transaction must take place within two working days after the trading date) to T+1 (the exchange must be completed within one working day). This change represents a radical shift in market infrastructure and post-trading and will require significant operational, technological and legal changes, including for intermediaries and asset managers.

Consob invites market participants, including smaller companies, to take part in the survey promoted by the Industry Committee (a committee composed of representatives of the various stakeholders concerned) in order to monitor operators' knowledge of the transition to T+1.

Wide participation in the survey is essential, not only to gain an adequate understanding of the industry's level of preparedness for the migration, but also to identify any areas that need to be focused on in the coming months.

The responses to the survey will be shared by the Industry Committee in an aggregated and anonymised form with the relevant European (ESMA and ECB) and national authorities, including Consob.

Operating instructions for participating in the survey by 19 December 2025 are available at the following link: https://survey.thevalueexchange.co/s3/25EUICT1-PwC.

Below is also a link to the Industry Committee website, where further information on T+1 is available: https://eu-t1.eu/.