T+1 Impacts Working Group


T+1 is a trend which is being investigated across the globe and in some countries either already implemented or planned to be. The transition to T+1 (or zero) is non-trivial as it would require years of planning, testing and coordination across the industry to ensure that global investment flows can be efficiently managed. Nevertheless, the political and regulatory will is high and changes can be encouraged or required to reduce the settlement cycle.

The stated benefits of T+1 are mainly about counterparty risk, margin requirements, funding costs and innovation. On the other hand, such move would imply significant challenges especially on post-trade processes as the settlement cycle would be reduced with increased pressure notably on matching, liquidity and cash management.

The WG aims to provide in depth analysis on the impacts and possible mitigating actions that can be taken by investors and their securities servicers especially in the context of non-domestic investors. More particularly, the WG will ASSESS assumptions, through the lens of cross-border impacts, on:

  • Benefits of T+1 especially on risks, margins requirements and funding costs
  • Challenges on post-trade processes
  • Impacts on efficiency: settlement fails, cash penalties, securities financing transactions


  • To identify the challenges in moving to T+1 for non-domestic investors,
  • To analyze the impacts of these challenges,
  • To suggest mitigation and best practices to reduce or negate these impacts,
  • To decide whether discussions with public stakeholders would be appropriate.

Key Deliverables

  • Create a comprehensive document of the challenges, impacts and solutions or mitigants,
  • Educate the industry through webinars and conferences on the merits of the desired approaches,
  • Organise exchanges with public stakeholders if needed.

Key Outcomes


Working Group Co-Chairs

  • Haroun Boucheta, BNP Paribas
  • Kamala Kannan, S&P Global / IHS Markit

Executive Sponsor

  • Hannah Elson, J.P. Morgan

Institutions represented by Experts in the Working Group

  • BNP Paribas S.A.
  • Broadridge Financial Solutions Inc.
  • CIBC Mellon
  • Citi
  • Cofinpro
  • Cognizant
  • Deutsche Bank AG
  • Deutsche WertpapierService Bank AG
  • Erste Group Bank AG
  • Euroclear
  • European Central Securities Depositories Association ECSDA
  • Hong Kong Exchange and Clearing Limited
  • Intesa Sanpaolo Group / Privredna Banka
  • JP Morgan Chase & Co.
  • Julius Baer Group AG
  • KBC Group NV
  • Liechtensteinische Landesbank AG
  • Nasdaq Inc
  • New Zealand Clearing and Depository Corporation Limited
  • Northern Trust Corporation
  • Royal Bank of Canada
  • S&P Global/IHS Markit
  • Standard Chartered Bank
  • Swiss Re Ltd
  • The Bank of New York Mellon Corporation
  • The Depository Trust & Clearing Corporation
  • The Investment Association
  • U.S. Bank N.A.