NAVIGATING THE T+1 SETTLEMENT
TRANSITION
The latest resources and insights to help support you with T+1
settlement and beyond.
Following the migration to the T+1 settlement cycle in the U.S., Canada, Mexico, Jamaica and Argentina in May 2024, other jurisdictions are now looking to follow the same path.
The U.K., the EU and Switzerland have published key reports outlining their approach to the transition to T+1 settlement. The U.K.’s Accelerated Settlement Taskforce released its final recommendations, providing a detailed roadmap for the U.K. market (originally published in February 2025 and updated in September 2025). Similarly, in June 2025 the EU Industry Committee’s report, aligned in many areas with the U.K. Taskforce’s recommendations, identifies critical focus areas to drive the transition to T+1 across securities markets in the EU and EEA by October 11, 2027. In the most recent update, Switzerland also recommends shortening the settlement cycle in alignment with the U.K. and EU, published in the Swiss Securities Post-Trade Council’s report in September 2025.
We recognize that T+1’s compressed settlement cycle may pose challenges for investors related to communications, compliance, liquidity management, operations and technology — particularly for managers of international portfolios.
If you have any questions about T+1 settlement or how BNY’s solution can help you smooth T+1 implications, please speak to your BNY representative.
Our T+1 Solution
BNY has the breadth of services and depth of experience to support you through your transition to the T+1 settlement cycle and beyond.
Whether you need solutions for trading, custody, settlement or liquidity, our interconnected platform powers your business and presents opportunities for you to remain flexible and adaptive when responding to changing market conditions.
Our T+1 Solution
BNY has the breadth of services and depth of experience to support you through your transition to the T+1 settlement cycle and beyond.
Whether you need solutions for trading, custody, settlement or liquidity, our interconnected platform powers your business and presents opportunities for you to remain flexible and adaptive when responding to changing market conditions.
Our T+1 Solution
BNY has the breadth of services and depth of experience to support you through your transition to the T+1 settlement cycle and beyond.
Whether you need solutions for trading, custody, settlement or liquidity, our interconnected platform powers your business and presents opportunities for you to remain flexible and adaptive when responding to changing market conditions.
SOLUTIONS THROUGHOUT THE TRADE LIFECYCLE
The T+1 settlement transition may have increased operating costs due to various factors. BNY offers solutions that can help.
- Bank sponsored collective investment trusts (CITs) may provide lower-cost fund vehicles while still meeting investment strategy and performance objectives.
- Buy-side trading solutions can supplement existing trading capabilities or offer full outsourcing of all the execution responsibilities of an internal trading desk.
- Securities finance capabilities delivering the tools needed to source liquidity, borrow and lend securities. Our scale and expertise helps minimize recalls, thereby reducing the risk of fails.
- FX solutions offer a comprehensive suite of FX capabilities for all your trading, hedging and payment needs, including same-day FX execution.
- BNY is extending FX cut-offs in several currencies to help alleviate T+1 challenges.
- Data & Analytics solutions provide predictive analytics integrated into client’s operating model to help better address operations and oversight.
- Securities lending solutions provide real-time tools to assist in managing liquidity and margin requirements. Our program’s scale and automation minimizes the need to recall.
- Detailed analytics on performance enable proactive outreach and more timely issue resolution.
RESOURCES
Fact sheet
BNY has the breadth of services and depth of experience to help you stay flexible and adaptive in the face of T+1. Whether you need help with trading, custody, settlement or liquidity, BNY can support you.
LATEST INSIGHTS
As Europe moves toward accelerated settlement processes, BNY explores the connection between the ongoing changes and the SIU's role in supporting a smooth transition.
As the industry moves to a new T+1 settlement cycle, many fund managers may continue to be unaware of the knock-on effects on FX transactions.
In May 2024, securities settlement in the United States, Canada and Mexico will move from two days to one (T+2 to T+1). While the move will, in theory, reduce counterparty and market risk and lower margin requirements, it will have a significant knock-on effect on the global foreign exchange markets (FX).
As markets adjust to the reality of one-day securities settlement in North America, what FX and funding complications could laggards face? And what systemic risks are market participants worried about if settlement fails rise?
T+1 TRANSITION RESOURCES
Learn more about T+1 and the key changes that are happening in the markets, including answers to many common questions our clients and counterparties are asking.