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Accelerated Settlement Working Group

Purpose

T+1 is a trend which is being investigated across the globe and in some countries is either already implemented or planned to be. The transition to T+1 (or zero) is non-trivial as it requires 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 Accelerated Settlement Working Group (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

Scope

The 2026 agenda for the WG includes:

  • Conduct a study of the various models of potential T0 settlement and the questions they raise for eight areas of trade and post-trade processing
  • Continued engagement with the UK Accelerated Settlement Task Force via providing feedback on their plans, collaborating with ValueExchange on surveys of industry readiness and via briefings from our WG members who are Co-Chairs and members of the various workstreams in the UK
  • Continued engagement with the EU T+1 Industry Committee as an “Observer” industry association member, providing input to plans as they are formulated. Also collaborating with ValueExchange on surveys of industry readiness and via briefings from our WG members who are Co-Chairs and members of the various workstreams in the UK

Key Deliverables

The Asset Servicing Working Group continues to focus on two high-impact areas where industry fragmentation creates material operational cost, risk and inefficiency:

  • The quality and timeliness of corporate actions and proxy voting announcements at source
  • The lack of standardized processing models for class actions

The key deliverables will be:

  • A follow-up report on industry plans and adoption barriers for implementing “At Source” announcement solutions in collaboration with Issuers and their Agents
  • A report on the pain points for Securities Services in processing Class Actions along with recommendations for automation, standardization and harmonization to reduce costs, reduce risks and increase speed and accuracy

Key Outcomes

The WG will aim for the following outcomes:

  • Adoption of plans by major market centres to implement automated “At Source” announcements solutions following the recommendations contained in the WG’s 2025 White Paper
  • Education of the membership on the current operational processes for class actions and how the Securities Services industry could benefit from change

Publications

  • EU T+1 – Second Industry Implementation Survey -> link
  • T+1 Pulse Q1 2026: Industry Readiness Across the EU, UK and Switzerland -> link
  • EU T+1 High-Level Roadmap Implementation Readiness Survey ->link
  • EU T+1 Industry Committee -> link
  • Guidance note -> link
  • T+1 in the EU & UK – Q3 2025 Pulse Survey Key Findings -> link
  • Where does your T+1 readiness stand? – Start the survey now  -> here
  • Watch Hannah Elson, JPMorgan – and Executive Sponsor of ISSA’s Accelerated Settlement Working Group – explain the purpose and activities of this key Working Group. ->link
  • EU T+1 Launch Event Press Release -> link
  • EU T+1 High-Level Roadmap -> link
  • T+1 Pulse Check -> link
  • T+1 Pulse Survey Key Findings Report -> link
  • High Level Roadmap for Adoption of T+1 in EU Securities Markets ->link
  • White Paper “T+1 Global Impact”, December 2023 ->PDF
  • Launch of Governance Structure for European Transition to T+1 Settlement Cycle -> link

Working Group Co-Chairs

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

Executive Sponsor

  • Samuel Cauvain-Welsh, J.P. Morgan

Institutions represented by Experts in the Working Group

  • ABN AMRO
  • Australian Custodial Services Association
  • Australian Securities Exchange ASX
  • BNP Paribas S.A.
  • BNY
  • Broadridge Financial Solutions Inc.
  • Citi
  • CMA Small Systems AB
  • Cofinpro AG
  • Cognizant
  • Deloitte Touche Tohmatsu Limited (DTTL)
  • Deutsche Bank AG
  • Deutsche Börse Group
  • Deutsche WertpapierService Bank AG
  • Erste Group Bank AG
  • Euroclear
  • FMDQ Group PLC
  • Hong Kong Exchanges and Clearing Limited
  • HSBC Holdings Plc
  • Intesa Sanpaolo Group / Privredna Banka
  • J.P. Morgan
  • KBC Group NV
  • LLB
  • Montran
  • MUFG Bank, Ltd
  • Nasdaq Inc.
  • New Zealand Clearing and Depository Corporation Limited
  • Northern Trust Corporation
  • NSDL Group
  • S&P Global
  • SEB Group
  • Société Générale S.A.
  • Standard Chartered Bank
  • SWIFT SCRL
  • Swiss Re Ltd
  • Tata Group
  • The Depository Trust & Clearing Corporation
  • The Investment Association
  • The Value Exchange
  • TMX Group Limited
  • U.S. Bank, N.A.
  • x-markets GmbH & Co. KG