The preparedness and implications of T1 Settlement

An ISITC Europe T+1 Forum Event

In association with the CISI, PIMFA, IA and Fintech NI. Kindly hosted by Ulster Business School’s Centre for Financial and Regulatory Technology

The Preparedness and Implications of T+1 Settlement and Digitalization of the Capital Markets

Date: Tuesday, 17 September 2024

Time: 16:00 – 18:00

Location: Ulster Business School Centre for Financial and Regulatory Technology, Ulster University, Belfast Campus, York Street, Block BC, Room BC-09-101 

Background

In 2022 ISITC Europe was commissioned to undertake a research project by the Swift Institute to look at the global impact of shortening the trade settlement cycle from T+2 to T+1. Ulster Business School assisted in the production of the resulting academic report. This project was instigated by the proposed move to T+1 in 2024, by North America. Published in February 2023, the report highlighted several key technology and operational areas that would be problematic in accelerated trade settlement, for all types of financial services firm.

Later the same year, the UK Treasury set up a taskforce to examine if the UK should also move to T+1 settlement. Its report was published in February 2024, resulting in the establishment of a technical taskforce, whose remit was to produce a series of recommendations to enable a successful move to T+1 by the UK. The report from this taskforce is due to be published by the end of 2024. In October 2023 ESMA launched a call for evidence on shortening the settlement cycle.

Event Overview

Accelerated settlement from trade date plus two to trade date plus one has already been realized in many of the world’s capital markets, most notably North America. However, the complexity in implementation is wide ranging, with markets operating in different ways and in different time zones,  North American taking an estimated 39 months, but in Jamaica just 1 week.

In this special event kindly hosted by the Ulster Business School’s Centre for Financial and Regulatory Technology. The ISITC Europe T+1 Research team, Dr Anthony Gandy, Tony Freeman and Gary Wright, (members of the UK Accelerated Settlement Technical Taskforce) plus Professor Daniel Broby will be joined by industry guests to discuss the move to T+1 and digitalization of the Capital Markets.

The initial discussion will provide:

• An update on the work done by the UK Technical Taskforce, together with an informed perspective on the EU’s transition to T+1
• Lessons learned from the North American move to T+1
• Provide an enhanced understanding of the various challenges and efficiencies that can be made today, which can assist both clients and business.
• Help them to prepare and budget for any changes in technology or processes and resources to enable successful operations to settle on T+1 for the UK, EU, and rest of the world.

The discussion will then explore the future of the Global Capital Markets and in particular the move towards digitalization and tokenization. We will cover both the risks and opportunities for the UK and Ireland.

Format

Interactive roundtable conducted under the Chatham House rule to ensure a free flowing discussions.

If you are interested in attending this event, please complete the form below.