AFM tells firms to start T+1 testing as EU rulebook is finalised
The AFM relays ESMA's message that the European regulatory framework for T+1 settlement is now complete and the burden has shifted to implementation. With roughly a year to go before the 11 October 2027 go-live, firms are urged to finish their preparations, test operational readiness across the chain, and meet the first binding obligations that take effect in December 2026.
- The EU moves to T+1 settlement on 11 October 2027, settling trades one business day after the trade date instead of two.
- ESMA regards the regulatory framework as complete following publication of the final technical standards and guidelines.
- The first new obligations for transaction allocations and confirmations take effect on 7 December 2026.
- ESMA urges firms to assess operational readiness and begin testing across the trading and settlement chain as soon as possible.
- The change affects banks, investment funds, investment firms, pension providers and insurers.