In this latest edition of Regulation Around the World, we focus on the global transformation of the settlement of securities transactions, as many jurisdictions begin to shift from a standard settlement timeline of two business days after trade to just one. In this issue, we examine these developments, exploring the regulatory frameworks, cross-border challenges and technological
On 19 May 2026, the Bank of England (BoE) issued a discussion paper on central counterparty (CCP) resolution execution and resolvability outcomes.
Background
The BoE is the resolution authority for UK CCPs and has responsibility, alongside HM Treasury (HMT), for exercising the powers conferred by the CCP resolution regime.
On 13 May 2026, the European Securities and Markets Authority (ESMA) published a resolution briefing for central counterparties (CCPs).
The resolution briefing is issued under Article 25 of the ESMA Regulation and Article 5 of Regulation (EU) 2021/23. The objective of the CCP resolution briefing is to provide a methodology to
On 12 May 2026, the European Securities and Markets Authority (ESMA) updated its Opinion on the Trading Venue Perimeter.
The changes that ESMA has made to its previous opinion are in red.
In particular, ESMA has added a new paragraph 51 regarding pre-trade transparency requirements applicable to non-equity instruments. The paragraph provides that:
On 6 May 2026, the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a consultation on proposed amendments to (i) the Resilience of central counterparties (CCPs): Further guidance on the Principles for financial market infrastructures (PFMI) (CCP resilience
On 5 May 2026, the European Commission (Commission) adopted a Delegated Regulation supplementing the European Market Infrastructure Regulation (EMIR) by specifying the method for the determination of fees charged by the European Banking Authority for the validation of the pro forma models referred to in Article 11(3), fourth subparagraph, of that
In September 2025, the Bank of England (BoE) published a Discussion Paper on enhancing the resilience of the gilt repo market. The Discussion Paper was intended to start a conversation with industry on the effectiveness and impact of a range of potential reforms to enhance the resilience of the gilt repo market, including
On 6 February 2026, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation 2026/305 of 29 October 2025 supplementing the European Market Infrastructure Regulation (EMIR) with regard to regulatory technical standards (RTS) specifying the operational conditions, the representativeness obligation and the reporting requirements related
On 26 January 2026, the Investment Association published a report in relation to T+1 Settlement Navigating the UK EU and Swiss Transition (the Report).
Summary
The Report provides a roadmap of the UK and European Union securities markets from a trade-date-plus-two (T+2) to a trade-date-plus-one (T+1) settlement cycle, currently targeted
On 26 January 2026, the UK Accelerated Settlement Taskforce (AST) issued its final Quarterly Review of 2025.
A key message in the Quarterly Review is that market participants are expected to already have project plans in place to facilitate the move to T+1 settlement by October 2027. By the end of 2026