Jurisdiction(s):
United Kingdom

UK’s Industry‑Led T+1 Settlement: FCA Submission to Amend CSDR for One‑Day Cycle, Market‑Wide Engagement and EU Comparison

Published on: 22 August 2024

Published by an LexisNexis Financial Services expert

Legal News

Article summary

Aiming to be among the most thorough filings on a single rule to reach the Financial Conduct Authority (FCA), the report sets a high bar. Specialists in the cohort, led by long-time sector figure Andrew Douglas, are examining scope, alignment, trading, liquidity, and takeaways from the US in depth. Called the T+1 Technical Group, it replaces a taskforce formed by the former government, which was voted out of office last month. Its mandate still focuses on how the UK Central Securities Depositories Regulation (CSDR) could be revised to require a maximum one-business-day settlement cycle for trades executed on a UK trading venue in practice. The programme, involving a full 450 participants, epitomises a rulemaking effort propelled entirely by market actors themselves. Members come from 110 firms and bodies spanning banks, insurers, asset managers, hedge funds, clearing houses, law practices, consultancies and advocacy organisations, among others. “The industry is fully engaged,” said Charlie Geffen, who led industry work on the UK shift to T+1 until March 2024, speaking at a recent event, as he put it. Douglas offered further particulars at a European Securities and Markets Authority (ESMA) event last month during his remarks, noting that “one of the biggest differences”...

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