High-level Roadmap to T+1 Securities Settlement in the EU and related call for Feedback (until 31 August 2025)
The European Union is preparing for a fundamental shift in market infrastructure and post-trading: the move to a T+1 settlement cycle. The EU move to T+1 aims at aligning the European capital market with global developments and strengthening its resilience, efficiency, and competitiveness.
In this context, the CSSF draws attention to the High-Level Roadmap published on 30 June 2025 by the EU T+1 Industry Committee, convened by ESMA, the European Commission and the European Central Bank, and composed of a wide cross-section of market participants. The roadmap outlines the key actions, milestones, and dependencies needed to support a well-coordinated transition to a T+1 settlement cycle by October 2027. Associated with the High-level Roadmap, there is a public consultation, open until 31 August 2025 and hosted by ESMA, where the EU T+1 Industry Committee aims at gathering additional input from market participants and the institutions concerned.
This transition is not simply a technical adjustment. It will require significant operational, technological, legal, and behavioural changes across the entire settlement chain—from trading venues and CSDs to asset managers, custodians, and intermediaries.
Conscious of the importance of broad market involvement in shaping the next steps, the CSSF invites all Luxembourg stakeholders to identify challenges, mitigate risks, and explore opportunities—particularly with respect to cross-border settlement, asset servicing, and funding liquidity.
Relevant links to the ESMA website: