CSSF draws the attention of Luxembourg financial market participants to a European survey on T+1 and encourages them to share their views on the halving of settlement times for financial transactions across the EU.

Starting from 11 October 2027, European Regulation No. 2025/2075 of 14 October 2025, amending Regulation (EU) 909/2014) introduces the migration from the T+2 settlement cycle to T+1.

This means that for the exchange of cash and securities for transactions in transferable securities which are executed on trading venues, the settlement date shall be no later than on the first business day after the trading takes place. This is a significant change that requires a review of operational processes across the entire post-trading chain.

To support the market throughout this transformation, the EU Industry Committee — the forum bringing together representatives of key stakeholders, including the European Commission, the ECB and ESMA — has launched a survey across the 27 EU Member States to monitor market participants' level of preparedness.

Broad and active participation is crucial, because it enables us to:

·Gauge the entire industry's readiness for the shift to T+1 — from large market infrastructures to smaller intermediaries — and identify which segments may require additional preparation or support.

·Surface operational bottlenecks and structural frictions — for instance: potential liquidity pressures, infrastructure- or process-related constraints (e.g. matching, settlement instructions, corporate-event processing) — so that these can be addressed well ahead of the go-live date.

·Promote harmonisation and standardisation across jurisdictions, infrastructures and market participants — a key objective of the EU transition, to ensure that T+1 becomes a consistent, efficient, and interoperable settlement standard across the Union's fragmented capital markets.

·Support a well-orchestrated, resilient and efficient transition — enabling stakeholders to coordinate timing, system upgrades, testing, and regulatory compliance; reducing the risk of settlement fails or operational disruption; and safeguarding overall market stability and integrity.

The results will be shared, in aggregated and anonymised form, with ESMA, the ECB and the relevant national competent authorities, including the CSSF.

·The survey is open until 19 December 2025

·Survey: https://lnkd.in/epRvaVk2

·More information on the T+1 project and the work of the Industry Committee: https://eu-t1.eu/

Finally, the CSSF reminds that active engagement from senior leadership of Luxembourg market participants is essential to:

·Assess the organisation's strategic readiness for T+1, ensuring that governance, technology, liquidity management, and operational capabilities are aligned with a faster settlement environment and with evolving client expectations.

·Identify business-critical risks and dependencies across the value chain — including cross-border settlement, collateral and cash management, operational scalability, and third-party/vendor resilience — so that executive teams can prioritise investment and mitigate disruption well ahead of the transition.

·Strengthen industry-wide coordination, ensuring that banks, asset managers, market infrastructures and service providers move in sync. High-level alignment reduces fragmentation, enhances settlement efficiency, and limits the risk of systemic bottlenecks during the migration.

Position the organisation in market transformation driven by T+1, contributing to a structured, predictable and safe transition for clients and the broader financial ecosystem — and demonstrating proactive stewardship towards regulatory change and market integrity.