Final Implementation Plan Published For UK Move To T+1
Final Implementation Plan Published by the UK Accelerated Settlement Task Force.
The final implementation plan published by the UK Accelerated Settlement Taskforce is now available. This is the culmination of two years of detailed analysis, debate and design by 450+ subject matter expert volunteers from 116 Market Participant firms across the industry, working in five focused workstreams: Scope, Operations, Trading & Liquidity, Legal & Regulatory and Lessons Learned from the 2024 North American T+1 implementation.
The report recommends that “the first day of UK cash securities trading for settlement on a T+1 cycle should be 11th October 2027, and that this date should be set by the government by amending the relevant part of the UK Central Securities Depositories Regulation.
It recommends the scope of changes needed to UK CSDR to facilitate the transition to T+1 in the UK whilst remaining flexible enough to accommodate additional jurisdictions such as the EU and CH which may choose to transition on the same date as the UK. These scope changes will be amendments to UK CSDR executed by statutory instrument.
It defines a UK T+1 Code of Conduct (UK-TCC) containing the scope, a timetable of recommended actions to enhance market practices and a set of expected behaviours necessary for UK Market Participants to meet their T+1 legislative obligations under UK CSDR ”
A copy of the report is available on the Taskforce website and can be viewed by clicking the link on the left.
The report will be discussed at a conference in London on the 20th February 2025. This conference is being streamed for those who cannot attend in person. If you would like to attend either in person or virtually here is the link to register
Conference Agenda
Date: 20 February 2025
Time: 1:30 pm – 5:15 pm
Location: KPMG, 15 Canada Square, Canary Wharf, London E14 5G
This event hosted by KPMG will be an opportunity for market participants to hear speakers from the AST detail the critical recommendations made in the Implementation Plan, HM Treasury, the Bank of England and the FCA offer their thoughts on the Plan, and to hear a live discussion amongst firms who have already begun to plan their own journey to T+1.
Agenda
13.30 – Registration, coffee, networking
14.00 – Introduction, Chair of AST Technical Group – Andrew Douglas
14.10 – Keynote, Economic Secretary to the Treasury
14.25 – Panel – Starting our T+1 journey – views from across the sector
15.10 – Coffee
15.40 – Bank of England
15.55 – Panel – Review of Critical Actions presented by members of the AST Technical Group, including Q&A.
16.55 – FCA
17.10 – Close – Chair
17.15 – Networking
18.30 – End
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