Here’s the translation into American English:
BME has taken a significant step in the financial sector by presenting its Playbook to facilitate the transition to the T+1 settlement cycle. This document summarizes the findings of a Spanish working group committed to this initiative, which aims to optimize the time between the execution of a transaction and its settlement.
Currently, the settlement cycle in Europe operates on a two-day timeframe (T+2), but starting on October 11, 2027, this will be reduced to just one day under the new T+1 standard. This transformation promises to generate greater efficiency and competitiveness in financial markets, as well as increased resilience to fluctuations.
Under the direction of the National Securities Market Commission (CNMV) and the Bank of Spain, BME has created several working groups in the country to assess the impacts of this transition. In collaboration with Deloitte, they have managed to engage over 50 entities from the Spanish financial sector, covering not only trading, clearing, and settlement areas but also collective investment institutions and treasury management.
The presented Playbook aims to identify and structure the main impacts arising from the shift to T+1, providing guidance to Spanish entities for evaluating and adapting their systems and processes to ensure a successful migration.
Meanwhile, SIX continues its efforts to ensure the alignment of its services with this new standard, leading specialized groups in Spain and Switzerland and actively participating in international forums. This coordinated effort aims to facilitate the transition to T+1 in the European Union and other European markets, such as Switzerland, Liechtenstein, and the United Kingdom.
Source: MiMub in Spanish
