On 18 June 2025, the Council of the EU issued a press release stating that it had reached provisional agreement with the European Parliament on a proposed amendment to the Central Securities Depositories Regulation which will shorten the settlement cycle from no later than two business days (the so-called ‘T+2’) to no later than one business day after the trade date (‘T+1’). The co-legislators agreed however to exempt certain securities financing transactions from the settlement cycle requirement. The two institutions will have to formally adopt the new rules. They will then apply from 11 October 2027.