Roundtable on shortening the settlement cycle in the EU

Directorate-General Financial Stability, Financial Services and Capital Markets Union (DG FISMA) organised a roundtable on shortening the settlement cycle in the European Union. The aim of the roundtable was to foster a debate on the introduction of a shorter settlement cycle in the EU.

The settlement cycle is the period between the moment when a trade is executed on a trading venue and the moment when the settlement takes place. Currently, most major financial markets, including the EU, operate on a T+2 (trade date plus 2 days) settlement cycle. However, with the growing digitalisation of finance as well as international moves to a shorter settlement cycle, there is increasing momentum towards a shorter settlement cycle.

The roundtable focused on three topics

1. opportunities that a shorter settlement cycle could bring
2. the international dimension of moving to a shorter settlement cycle
3. how a smooth transition to a shorter settlement cycle in the EU could be organised

This roundtable brought together high-level representatives from a broad range of sectors of the industry (buy side, sell side, retail investors, market infrastructures), from leading regulatory authorities, as well as representatives of the European Parliament and European Central Bank. It also included a keynote speech by Commissioner Mairead McGuinness.

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