Transactions in equities are subject to a settlement cycle, known as trade settlement. This process enables the smooth exchange of securities between the trading parties. At the end of May 2024, trading venues in the United States, Canada and Mexico shortened this settlement cycle from two days (T+2) to just one day (T+1).

China has already moved to a settlement cycle of T+0 for equities and T+1 for cash. India’s stock exchanges have also migrated to T+1.

In the EU, the United Kingdom and Switzerland, discussions on the introduction of T+1 are currently underway.

Logistical and technical challenges

For competitive reasons, the Asset Management Association Switzerland (AMAS) is committed to shortening the settlement cycle in Switzerland to T+1 as well.

This transition presents logistical and technical challenges for asset managers and investors in Switzerland. Swiss asset managers and fund providers currently need to assess the potential impact on their collective investment schemes and prepare for technological, behavioural and operational changes.

On behalf of the financial industry, the Swiss SPTC (Securities Post Trading Council) has taken on the mandate to analyse the impact of shortening the settlement cycle to T+1 on the domestic markets of Switzerland and Liechtenstein and to develop corresponding recommendations. For this purpose, the Swiss SPTC T+1 Task Force was established, in which AMAS is actively involved through its working group T1CH. In addition, there is regular exchange with the Swiss Finance Council and EFAMA in Brussels, as well as with the UK’s Investment Association, to ensure a harmonised migration across Europe. Discussions are also taking place with the U.S. Investment Company Institute (ICI) in order to incorporate lessons learned from the transition to T+1 in North America in May 2024.

In January 2025, Swiss SPTC recommended a coordinated migration to the T+1 settlement cycle together with the EU and the United Kingdom. The target date set for this transition is 11 October 2027. This recommendation has been acknowledged by both the Swiss State Secretariat for International Finance (SIF) and SIX.

Across several workstreams, the Swiss SPTC T+1 Task Force analysed the implications of the transition to T+1, developed recommendations from the industry for the industry, and published its final report on 14 November 2025.

The “Recommendations to the Shortening of the Settlement Cycle” now provide the technical framework for the transition to T+1 and support market participants in identifying the key operational aspects, preparing for a smooth implementation of the T+1 settlement cycle, and ensuring a successful migration. Should the market structure change materially before October 2027, the recommendations will be reviewed again. In parallel, the Swiss SPTC T+1 Task Force is working on the development of detailed market practices and operational standards. In 2027, a comprehensive testing phase will follow in order to eliminate critical deficiencies ahead of the go-live on 11 October 2027.

Swiss SPTC has already published the following documents. They can be accessed on the Swiss SPTC website.

• 18 July 2024 Mandate for the Task Force on Implementing a Shortened Settlement Cycle for the Capital Markets in Switzerland & Liechtenstein
• 28 November 2024 Governance Structure and Main Characteristics
• 23 January 2025 The Swiss Securities Post-Trade Council (swissSPTC) recommends to move to T+1 in October 2027
• 20 Juin 2025 Switzerland and Liechtenstein are moving to T+1 – Market Update
• 5 September 2025 Publication of the T+1 Recommendations – Market Update II
• 12 September 2025 Launch of Market Consultation T+1 Recommendations
• 12 September 2025 SwissSPTC: Recommendations for the Transition to the T+1 Settlement Cycle | 12 September 2025
• 23 September 2025 SwissSPTC T+1 Market Event Presentation
• 14 November 2025 Publication of the Final Set of T+1 Recommendations – Market Update III
• 14 November 2025 SwissSPTC Final Report to the T+1 Recommendations

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