The Swiss Securities Post-Trade Council (swissSPTC) has published a recommendation that the transition to T+1 settlement in Switzerland and Liechtenstein occur in October 2027. The recommendation was made based on the assumption that the EU and UK will adopt the same date for a combined migration. The UK‘s T+1 task force soon zoomed in on 11 October, proposed by the EU’s ESMA and with that, the three jurisdictions appear fully aligned on the timetable.
[This article was updated on 28 January to reflect the confirmation of 11 October by the UK task force.]
The council states that a combined migration would be its “preferred solution” and would be “in the interests of the markets and users concerned”. Should there be a delay in one jurisdiction, it recommends that domestic markets align their timelines with the first mover, as long as the first mover is transitioning no earlier than October 2027. This approach “ensures consistency with the agreed schedule while accommodating any necessary adjustments”.
SwissSPTC also suggests that “Swiss and Liechtenstein market participants continue to drive forward their internal planning to adopt a shorter settlement cycle and ensure their preparedness for an effective migration”.
Both the Swiss State Secretariat for International Finance (SIF) and SIX have acknowledged the recommendation. The swissSPTC Task Force T+1 will proceed to produce recommendations for the transition itself.
The UK confirmation of 11 October was reported by several media, including The Trade.