The Association for Financial Markets in Europe (AFME) has published a briefing note which sets out its understanding of the T+2 Approach for migration on 6 October 2014.

The AFME briefing note is intended to help guide market participants in their transition to T+2.

Many European markets currently settle 3 days after the trade date (T+3). With effect from 6 October 2014, this will change to two days (T+2). The move anticipates the Regulation on improving securities settlement and regulating central securities depositories (the CSD Regulation) which determines that markets should move no later than 1 January 2015. There are certain exemptions and the AFME briefing notes that the Spanish equity market, which is undergoing significant regulatory reform, will not move to T+2 until later in 2015.

View AFME understanding of T+2 Approach for migration on 6^th October 2014, 2 October 2014