T+1 readiness in Europe is no longer a planning question alone. With implementation timelines narrowing and operational dependencies becoming clearer, firms now need to understand where progress is real and where execution risk is still building. 

How prepared is the European market for T+1 settlement, and which parts of the transition are moving fastest? Where are firms already aligned with the implementation plan, and where do automation gaps and external dependencies still create pressure ahead of 11 October 2027?

The findings are based on the European Union (EU) T+1 Industry Committee Readiness Survey and provide a market-wide view of how firms are preparing for accelerated settlement across operational, budget and implementation workstreams.

The research, produced in partnership with the EU T+1 Industry Committee, highlights:

• 77% are already engaged and have read the EU T+1 High-level Roadmap, positioning Europe ahead of North America at an equivalent stage

• 30% of industry recommendations are already in place, with clearing-related changes leading progress

• 53% of project work due by end-2026: 2026 is the pivotal delivery year as firms move from planning into execution

• 58% cite two core challenges: internal automation and dependencies on other market participants remain the main barriers to readiness

• 75% do not need additional budget: funding is not the main constraint, but more than half of firms have still not finalised trade flow automation plans