Securities transactions go through a settlement cycle during which securities and cash are exchanged between the trading parties. In May 2024, the United States, Canada and Mexico shortened this cycle from two business days after the trade to one (T+1). Other major financial markets have also introduced shorter settlement cycles.

Switzerland will introduce T+1 on 11 October 2027, in coordination with the EU and the United Kingdom. This alignment is essential to ensure smooth cross-border securities trading and maintain the competitiveness of the Swiss financial centre.

Preparing for the transition

The shorter settlement cycle presents technical and operational challenges for asset managers, fund providers and other market participants. Processes need to be accelerated, systems adapted and relevant workflows increasingly automated. Market participants should therefore assess the impact on their business activities and collective investment schemes at an early stage.

The Swiss SPTC (Securities Post Trading Council) coordinates preparations for Switzerland and Liechtenstein. Within the Swiss SPTC T+1 Task Force, the financial industry is working jointly on recommendations, market practices and operational standards. Through its T1CH working group, AMAS contributes the perspective of the asset management and fund industry. International exchange with European, UK and North American partner associations also supports a migration process that is as harmonised as possible.

The “Recommendations to the Shortening of the Settlement Cycle”, published in November 2025, provide the technical framework for the transition. Building on these recommendations, the Swiss SPTC published the “T+1 Market Practices Handbook” in September 2026. It translates the recommendations into detailed market practices and supports market participants in their operational preparation and implementation.

A comprehensive testing phase is planned for 2027, ahead of the introduction of T+1 on 11 October 2027.
Documents about T+1 can be accessed on the Swiss SPTC website.