On 17 September 2025, the Council of the EU (Council) published the text of a draft Regulation amending the Central Securities Depositories Regulation (CSDR) to shorten the mandatory settlement cycle for most securities traded on EU trading venues from two business days (T+2) to no later than one business day after trading takes place (T+1).
Securities financing transactions that are documented as single transactions composed of two linked operations will be exempt along with margin lending transactions.
The next step is for the Council to formally adopt the draft Regulation. In June 2025, the Council and the European Parliament reached political agreement on the draft Regulation.
The draft Regulation enters into force on the twentieth day following that of its publication in the Official Journal of the EU and applies from 11 October 2027.