T+1 taskforce to publish market average before go-live
02 June 2026 UK
Image: EpochXstudio/stock.adobe.com
The T+1 Accelerated Settlement Taskforce (AST) has announced it will publish the market average from three months prior to the 11 October 2027 go-live date to form the target for post deadline settlement rates.
The move aims to avoid an increase in settlements fails post-transition and ensure that the market functions as efficiently and effectively on T+1 as it does on T+2.
The target comes in line with Recommendation SETT04, outlined in the AST’s Final Report published in 2025, and reflects the report’s methodology that expectations should be anchored in real-world market performance and based on Certificateless Registry for Electronic Share Transfer (CREST) settlement data, rather than a predefined or theoretical benchmark.
To support firms, starting in 2027, the AST will begin publishing a rolling three-month average settlement rate, using CREST data, to provide participants with a guide benchmark prior to October 2027.
Andrew Douglas, chair of the Accelerated Settlement Taskforce, states: “Providing a target settlement rate will be an essential North Star for industry to work towards.
“Ensuring that the market maintains its current settlement success rate once we move into a T+1 world will be a key measurement of the success of the transition overall.
“To achieve this, I would restate that firms must take action now and hit the milestones set out in the Implementation Plan of February 2025.
“Automation is the most important piece of the puzzle in helping firms to meet shorter settlement deadlines successfully, enabling them to process trades, data, and compliance checks faster than ever.”
The move aims to avoid an increase in settlements fails post-transition and ensure that the market functions as efficiently and effectively on T+1 as it does on T+2.
The target comes in line with Recommendation SETT04, outlined in the AST’s Final Report published in 2025, and reflects the report’s methodology that expectations should be anchored in real-world market performance and based on Certificateless Registry for Electronic Share Transfer (CREST) settlement data, rather than a predefined or theoretical benchmark.
To support firms, starting in 2027, the AST will begin publishing a rolling three-month average settlement rate, using CREST data, to provide participants with a guide benchmark prior to October 2027.
Andrew Douglas, chair of the Accelerated Settlement Taskforce, states: “Providing a target settlement rate will be an essential North Star for industry to work towards.
“Ensuring that the market maintains its current settlement success rate once we move into a T+1 world will be a key measurement of the success of the transition overall.
“To achieve this, I would restate that firms must take action now and hit the milestones set out in the Implementation Plan of February 2025.
“Automation is the most important piece of the puzzle in helping firms to meet shorter settlement deadlines successfully, enabling them to process trades, data, and compliance checks faster than ever.”
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