Hm Treasury
Details
Report publication (28 March 2024)
On 9 December 2022, the Chancellor appointed Charlie Geffen to chair the Accelerated Settlement Taskforce to explore the potential for faster settlement of securities trades in the UK.
The taskforces report was published on 28 March 2024. The key recommendations were:
- That the UK should commit to moving to a T+1 settlement cycle.
- That this move should take place no later than 31st December 2027.
- That the UK and other European jurisdictions should collaborate closely to see if a coordinated move to T+1 is possible, and if other European jurisdictions commit to a transition date then the UK should consider whether it wishes to align with that timeline.
- That a Technical Group of industry experts should be set up to determine the technical and operational changes necessary for the transition to T+1 happen and how these should be implemented. This group should select a date in 2025 for these changes to be mandated, and a date before the end of 2027 for the UK transition to T+1.
The government has accepted all the recommendations made to the government and has today appointed Andrew Douglas to chair the Technical Group to take forward the next phase of the work. Terms of Reference for this group can be found above.
If you wish to contribute to the work of the Technical Group, or provide feedback on the taskforces report, please email AcceleratedSettlementTaskforce@hmtreasury.gov.uksetting out:
- Your full name and contact details.
- Your interest in the Technical Group including details of your organisation and any other parties you represent.
- A brief note setting out any initial thoughts or feedback you may have to guide the work of the Technical Group.
Accelerated Settlement Taskforce (9 December 2022)
This industry taskforce will examine the case for trades to be settled more quickly in the UK, such as moving to a T+1 standard settlement period. It will publish its initial findings by December 2023, with a full report and recommendations made by December 2024.
The government has appointed Charlie Geffen to chair the Taskforce. Charlie was Senior Partner at law firm Ashurst and is currently a Senior Adviser at the consultancy Flint Global.
For full details, including the objectives of the Taskforce, please