Market research firm The ValueExchange has released its latest T+1 progress report. Accelerated settlements: T+1 in the UK, EU, and Switzerland takes a temperature check of industry preparedness in Q1 of 2026, revealing that “engagement is high” but “full readiness remains limited”.
The study, which was sponsored by Clearstream, the Depository Trust and Clearing Corporation (DTCC), Euroclear, SIX, and the UK Accelerated Settlement Taskforce (AST), took feedback from more than 600 market participants.
The UK came out on top as the most advanced market in the study, with 83% of firms considering themselves to be actively engaged in the country’s move to T+1. This is a 66% increase from Q3 in 2025.
The EU came in second, with 80% of firms actively engaged in preparations, a 65% increase from Q3 2025. In Switzerland, the number is 79% – it is worth noting that the country had a later start. Despite this, it estimates that 90% will be compliant with the recommendations of the Swiss Securities Post Trading Council (SwissSPTC) before the T+1 go-live date of 11 October 2027.
A trust issue
Firms in all three territories indicated a lack of trust in the external parties they work with. In the UK, 67% of respondents expressed a concern that has carried through from Q3 2025 – that their service providers are not ready to support their transition to T+1.
Similarly, less than 50% of Swiss respondents indicated confidence in their service providers while in the EU, 37% considered clients, counterparties, and custodians to be “a growing concern”.
Setting pace
Full readiness has not yet been achieved in any of the three territories. In the UK, 57% of buy-side respondents have yet to start development work. In Switzerland, most firms are leaving more than 50% of the work related to SwissSPTC recommendations to only after the first half of 2027, which would leave limited time for testing. EU firms showed a little more optimism, with 63% of them confident that they will complete their automation efforts in 2027 before testing begins.
