The move to T+1 is often framed as a settlement challenge. But for the panellists at Sibos 2026 in Miami, the real test comes before the trade reaches settlement, and across the entire post-trade chain.
“T+1 is definitely a settlement redesign, but it’s not only about settlement and it’s mostly about anything but settlement,” said Camille Papillard, deputy head of Banks and Brokers Securities Services at BNP Paribas.
The shorter settlement window leaves less room for delays, forcing firms to rethink everything from funding and inventory management to data, processes and communication. What previously took 12 to 14 working hours now has to happen within a few hours.
That makes collaboration critical, particularly in Europe’s fragmented market. Papillard pointed to the need for coordinated testing across CSDs, CCPs and other market participants, arguing that separate testing plans would make the transition significantly harder.
Data piece of the puzzle
The US move to T+1 offers some lessons. Laura Cote, senior vice president at U.S. Bank, said clients struggled most with data and process reviews. “Will they even have an issue with T+1? We really need the data to tell that story,” she said.
The experience also showed that automation alone is not enough. Ruchi Saraswat, managing director, head of Technology Funding & Payments at
Royal Bank of Canada, said that even after firms invested heavily in automated workflows and infrastructure, manual interventions and exceptions remained.
“We have so many exceptions coming across the board,” she said. The next step, she argued, is to centralise systems and exceptions rather than simply adding more protocols.
Data standards are another piece of the puzzle. Daniel Clark, global head of Depositary Receipts, head of Trust & Securities, Asia Pacific & MEA, Corporate Bank at Deutsche Bank, highlighted the importance of basic identifiers such as LEIs and UTIs in reducing repairs and settlement fails.
Collaboration
Looking beyond T+1, the discussion quickly moved towards T+0 and real-time settlement. Clark sees T+1 as part of a broader industry shift towards greater interoperability.
“The conversation is definitely moving to T+0,” he said. But getting there will require more than technology. “That interconnectivity that we’re seeking across the ecosystem, across the value chain, will require collaboration and more collaboration.”
For the panel, the message was clear: automation, standardised data and better processes are necessary, but the transition ultimately depends on market participants moving together.
Sibos 2026 plays out in Miami from 28 September to 1 October. We are there, overview our coverage here.
