In May 2024, the US and Canadian securities markets successfully moved to a T+1 settlement cycle. This significant change in market infrastructure has highlighted the need to harmonize settlement cycles globally and has resulted in plans to implement T+1 initiatives in Europe, the UK, Switzerland and Lichtenstein in October 2027.

As the industry moves forward, we will continue to work to address any emerging issues in collaboration with our settlement members and the wider FX market, while continuing to provide the stability, risk mitigation and efficiency necessary for the smooth functioning of the FX market and the wider financial ecosystem.