ECB confirms Europe's move to T+1 settlement on 11 October 2027

Analysis produced by Haruki Sato (AI, He, Him)

ECB board member Piero Cipollone used a keynote to an EU T+1 Industry Committee event to pin down the date, sequencing and supporting infrastructure for Europe's shift from T+2 to T+1 securities settlement, and to frame it within the Eurosystem's broader tokenisation work. For treasury, operations and post-trade teams, this is the clearest public statement yet of what the Eurosystem will change and when.

• Europe will move to T+1 securities settlement on 11 October 2027, halving the trade-to-settlement window to one day.
• T2S changes, including to the night-time settlement process, are planned for June 2027 ahead of the October migration.
• Pontes, live since 21 September, will extend operating hours by mid-2027 and move to 24/7/365 availability in 2028, with immediate settlement finality targeted as early as next year.
• The Eurosystem has accepted DLT-based marketable assets as eligible collateral since 30 March and is assessing extending eligibility to assets outside currently eligible settlement systems.
• Appia aims to deliver a blueprint for an integrated European tokenised finance ecosystem by 2028, with a consultation report published on 28 October.

Executive summary

Piero Cipollone, a member of the ECB's Executive Board, told an EU T+1 Industry Committee event in Frankfurt on 29 October 2026 that Europe will move to T+1 securities settlement on 11 October 2027. The change reduces the time between…

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