Europe could face settlement squeeze with T+1 proposals and CSDR fines
Move to shorten the settlement cycle in the US could have knock-on implications for other markets, as the EU grapples with a new penalty regime.
For all the talk of “real-time settlement”, it wasn’t until 2014 that Europe moved from a settlement cycle of three business days after the trade date (T+3) to two business days (T+2). And the United States only followed suit in 2017.
“We like to think we’re in a fast-paced environment. But actually, significant structural changes take time to materialize, because we work in an industry where we can’t just hit the pause button and rewrite everything,” says Sachin Mohindra, executive director of
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