Two European surveys on the transition to the new T+1 settlement cycle for transactions in transferable securities executed on trading venues will be launched on 12 May.

The new framework, introduced by Regulation (EU) 2025/2075 of 8 October 2025, will apply from 11 October 2027 and provides that transactions must be settled no later than the first business day following the trade date (T+1), rather than the second business day, as under the current T+2 settlement cycle.

To support the market throughout this process, a dedicated governance structure has been established at European level. This includes an Industry Committee, representing the industry, and a Coordination Committee, chaired by the European securities and markets authority and also comprising the European commission and the European central bank. At national level, the preparatory work is coordinated by Consob and Banca d’Italia.

In particular, the following surveys have been launched as of 12 May:

• the second edition of the Industry Committee survey on the state of preparedness for the transition to the T+1 cycle. The results of the first survey are available on the Committee’s webpage
• a complementary survey promoted by the national competent authorities and coordinated by the European securities and markets authority, concerning the draft legislative measures submitted to the European commission on 13 October 2025, which are expected to be approved by summer 2026

Broad participation by market participants in the surveys is essential to support the authorities in understanding the market’s level of preparedness and in identifying any potential issues in a timely manner.

For further information on T+1, please consult the dedicated section of the Consob website.