On 15 October 2024, the European Securities and Markets Authority (ESMA), the European Commission and the European Central Bank issued a joint statement regarding the next steps to support the preparations towards a transition to T+1.
Among other things the statement notes that given the high level of interconnectedness between the EU capital markets and those in other jurisdictions in Europe, a coordinated approach across Europe is desirable, with efforts to reach consensus on the timing of any move to T+1. The statement also adds that it is necessary to accelerate every aspect of the technical work needed to pave the way to any future move to T+1 in the EU. In order not to lose momentum, details of the governance structure will follow shortly.