“The post-trade layer is the silent engine that ensures markets function smoothly, safely, and efficiently,” says Verena Ross, chair of the European Securities and Markets Authority (ESMA). In her keynote speech at the recent ECSDA Post-trade conference 2025 in Brussels, she highlighted the important role the sector plays in guiding a smooth T+1 transition in the EU.
T+1 is more than just a compliance issue, Ross cautioned, and this stance applies to both regulators and market participants alike. “It is a strategic investment, to ensure that we (the EU) remain competitive,” she says.
Ross believes that if done right, T+1 could become “a powerful driver of greater coordination and standardisation, enhancing interoperability and efficiency across the EU markets”. Doing it right means to view the transition not as a burden but an opportunity – an opportunity to “review the approach and processes of the organisation, to explore new partnerships or other social options, and to invest in lasting efficiencies that will ultimately be the strength and the edge of this for years to come”.
Given that the US has already completed its T+1 transition last year, the EU is a second mover. This is a unique position that should allow the region to “make the most of lessons learnt” from others who have already done it. The caveat is that any lesson taken should be tailored to suit the EU, Ross qualified.
New initiatives
Near the end of her speech, she shared a prediction: the changes in the post-trade landscape will not stop at T+1. Instead, the transition will pave the way for further evolutions in the sector – namely, digitalisation. “We already see new technologies such as DLT that clearly have the potential to fundamentally reshape the post-trade environment,” she points out.
She then acknowledged that the uptake of the EU’s DLT Pilot Regime has been slow, but pointed to a report ESMA released earlier this year on the functioning of the initiative, as well as its suggested amendments to the pilot.
The ECSDA Post-trade Conference 2025, held on 18 November 2025, is hosted by the European Central Securities Depositories Association (ECSDA). Follow our coverage in the coming days on the site.
