Asset management association pushes for Europe to switch to T+1 in 2026
The Investment Association concludes UK, EU and Switzerland should transition to T+1 settlement on a date in Autumn 2026, advocating for an earlier move than most.
Regulation
All signs point towards Europe aligning T+1 move with UK and Switzerland
A statement from ESMA comes a day after Task Force recommendations, claiming a coordinated approach across Europe is “desirable” while stressing the urgency in avoiding prolonging the negative impacts of settlement misalignment.
European T+1 Task Force acknowledges benefits of aligning with UK for transition in H2 2027
A new report emphasises the need for the EU to coordinate closely with the UK in H2 2027 for a switch to a T+1 settlement cycle, while also detailing the need for a maximum possible notice period for transition and a temporary suspension of cash penalties over the implementation period.
Cumberland DRW charged for operating as unregistered crypto dealer by SEC
The US Securities and Exchange Commission (SEC) concluded that Cumberland DRW had operated as an unregistered dealer in more than $2 billion of crypto assets offered and sold as securities.
Inside the UK’s blueprint for the move to T+1 settlement
Some lessons have been learnt from the US, while in other ways the UK will blaze its own trail with regards to supervisory and adjacent practices such as FX and lending. Claudia Preece reports from an exclusive roundtable discussion with the chair of the UK Accelerated Settlement taskforce, Andrew Douglas.
SEC charges TD Securities as former head of US Treasuries desk found to have allegedly made ‘hundreds’ of illegal trades
Specifically, a former TD Securities trader was found to have spoofed the US Treasury cash securities market; the SEC has ruled that the firm “lacked adequate controls and that it failed to take reasonable steps to scrutinise the trader”.
ESMA to pick bond CTP by July 2025
The selection procedure for the bond consolidated tape provider (CTP) and the CTP for shares and exchange traded funds ETFs will launch in January 2025 and June 2025 respectively.
Ediphy-led consortium enters the race for UK consolidated tape provider
In addition, Ediphy has confirmed its intention to bid for the European tape as well.
European Commission raids Deutsche Boerse over alleged derivatives-related antitrust violations
The inspection relates to potential violations of EU antitrust rules which include directly or indirectly fix purchase or selling prices or any trading conditions.
Tick sizes, transparency and fee caps: A look at the SEC’s rule amendments
Changes are expected to reduce transaction costs and improve market quality for all investors, alongside helping ensure that orders placed reflect the best prices available for all investors.