One year before this major shift, which will replace the current T+2 cycle, the authorities stress the need to overhaul systems and operational processes throughout the trading and settlement chain. All concerned parties must have analyzed the impact of this change and taken the necessary measures to be ready by the deadline.
The legal and regulatory framework, including amendments to CSDR and delegated regulation (EU) 2018/1229, has been known since October 2025. Two key deadlines must be met: December 7, 2026, for improving allocation and confirmation exchange (to be transmitted before 11 PM on the trading day, T+0), and the final deadline of October 11, 2027, for optimizing the settlement chain, including sending instructions before 11:59 PM on T+0 and generalizing features like automatic partial settlement.
The EU T+1 Industry Committee has published a testing plan, updated in September 2026, which includes several testing windows from February to October 2027. The AMF and Banque de France strongly encourage players to participate in these phases to test their processing chains and exchange with market infrastructures.
The two institutions reaffirm their commitment to continue discussions with the Paris financial center through a dedicated working group, emphasizing that the contributions of each financial actor are essential for the collective success of this transition.
