T+1 komt dichterbij: focus op implementatie en testen

With the final technical standards and guidelines in place, ESMA and AFM expect market participants to complete preparations, assess operational readiness and begin testing across the trading and settlement chain without delay. For compliance teams, this is a formal readiness milestone rather than a distant change programme. Firms should confirm governance ownership, map trade lifecycle dependencies, validate matching and allocation processes, review settlement cut-off times and funding arrangements, and test exception handling with counterparties and service providers.

Client communication and industry-wide testing participation will be critical. The main risks are settlement fails, operational disruption, liquidity strain and reputational damage from poor readiness. Firms that start testing early can reduce execution risk and gain competitive advantage through more efficient post-trade processing.