Digitala tillgångar
Varför T+1‑avräkning är en guldgruva för post‑trade‑teknik
Varför T+1‑avräkning omformar globala marknader
Historiskt har finansiella transaktioner av en viss storlek alltid gått trögt, ofta krävande inblandning av en juridisk expert och tagit veckor eller till och med månader. Med framväxten av modern finans och aktiemarknaden har transaktioner skett mycket snabbare.
Ändå, enligt dagens standarder för digital omedelbar kommunikation, är finansiella transaktioner fruktansvärt långsamma. Det kan ta dagar för en internationell penningöverföring, och värdepappersmarknader kan ta ett tag att slutföra avräkningen.
Detta förändras nu, till stor del på grund av trycket från kryptovalutor och fintech som visar att tekniken för att göra saker bättre finns; den har bara aldrig implementerats korrekt av äldre finansiella institutioner som banker, investeringsfonder och värdepappersmarknader.
On 26 januari 2026, The Investment Association, the trade body for the UK investment management industry, released a report called “T+1 Settlement: Navigating the UK, EU and Swiss Transition,” discussing the need for securities markets to transition from a trade-date-plus-two (T+2) to a trade-date-plus-one (T+1) settlement cycle. This is just one step on the way to a T+0 settlement cycle that would bring finance into the modern era of instant data movement.
“With less than two years left until go-live, investment managers are at an important juncture with their T+1 implementation.
In addition to achieving the agreed regulatory milestones and ensuring compliance, firms have a critical opportunity to use this transition as a strategic initiative and a catalyst for post-trade modernisation.”
Galina Dimitrova – Director of Investment and Capital Markets at the Investment Association
As the UK is the second-largest investment management centre in the world and manages 35% of all assets managed in Europe, this report will have a far-reaching impact.
T+1‑avräkningar
Översikt
The UK, EU, and Switzerland have confirmed that settlement in listed instruments will move to T+1 on 11 oktober 2027.
Källa: The Investment Association
This follows the move in North America, which successfully transitioned to T+1 on 28 maj 2024.
The North American transition means 60% of global trade volumes are now settling on T+1, putting European financial institutions at a disadvantage—especially as other major markets, including Singapore, Australia, and Japan, are actively evaluating similar transitions.
This will impact investment firms (asset managers/wealth managers), broker-dealers, and custodian banks, as well as Central Securities Depositories (CSDs) and clearing houses (Euroclear, Clearstream, SIX SIS, etc.).
Two-thirds of UK investment firms report being in active preparation mode for T+1, which drastically compresses the time available for trade confirmations, error resolutions, funding, and collateral management—all essential parts of a smoothly functioning securities market.
Källa: The Investment Association
While this is driven by regulatory change, it is also a necessary shift as alternative financial systems like cryptocurrencies or fintech like Wise (WISE.L) have changed consumer expectations. Massive fees and the slow movement of money and assets will no longer be accepted when better options exist.
“T+1 should be viewed as a catalyst for modernising post-trade operating models rather than a pure compliance exercise.
Firms that succeed will use this window to simplify processes and enhance scalability across investment operations, fund operations, and securities financing.”
Rekommendationer i rapporten
The Investment Association’s report boils down its recommendations into a few key points:
- Act now and ensure that project plans, governance, and budgets are in place.
- Accelerate automation across the post-trade lifecycle.
- Review and strengthen FX operating models.
- Prepare to move fund settlement cycles to T+2 by 11 oktober 2027.
- Ensure the accuracy and completeness of Standard Settlement Instructions (SSIs).
The first point makes it clear that inaction and delay are no longer options, especially when facing mounting competitive and regulatory pressure.
The second point highlights that tools like automatic trade release upon execution and real-time confirmation matching can no longer be overlooked.
The third point specifies that cross-border and cross-currency transactions will be the most error-prone and difficult to manage, requiring additional resources.
The fourth point notes that investor subscriptions/redemptions that settle on T+3 or T+4 will create liquidity and operational mismatches with portfolio trades that settle on T+1. Consequently, these must be accelerated as well. Overall, most fund managers are moving to be ready well before oktober 2027.
Källa: The Investment Association
The fifth point emphasizes that preventable matching errors and settlement fails—which become significantly more costly and operationally disruptive under T+1—will require accurate Standard Settlement Instructions (SSIs). SSIs are pre-agreed, standardized details, such as bank names, account numbers, and BIC/IBAN codes.
Varför T+1 tvingar uppgraderingar av post‑trade‑infrastruktur
Moving to T+1 compresses the post-trade window to roughly 12–14 hours, requiring same-day (T+0) allocation and confirmation.
Until now, under T+2, there was ample time to resolve errors, but T+1 settlement eliminates this buffer entirely. This risk is exacerbated by Europe’s highly fragmented infrastructure, unlike North America’s centralized DTC structure.
Partial settlements—where a transaction settles for less than the full quantity when securities or cash are insufficient—will also play a larger role. These will minimize the impact of settlement failures and help firms avoid escalating penalties.
Lastly, some foreign currency pairs will be especially tricky to handle within short settlement times.
Czech koruna and certain Scandinavian currencies present particular challenges on Fridays of overlapping bank holidays, where executing FX on the settlement date can result in less favourable exchange rates.
Investering i post‑trade‑automation
| T+1‑tryckpunkt | Vad som går sönder under T+2‑vanor | T+1‑krav | Vem fångar utgifterna | Investerarsignal |
|---|---|---|---|---|
| Allokeringar & bekräftelser | Manuella avbrott och sen matchning blir avräkningsfel | Samma dag (T+0) allokering + nästan realtidsbekräftelsematchning | Post‑trade‑arbetsflöde + matchningsplattformar | Ökad efterfrågan på STP + undantagsautomatisering |
| FX för gränsöverskridande avräkning | Sen dag FX‑utförande ökar operativ risk och kostnadsglidning | Tidigare cut‑offs, automatiserad FX‑beslutsfattning, stramare netting | FX‑arbetsflöde, netting och verktyg för kontant-/bokföringsoperationer | Utgifterna skiftar från människor/processer till automatisering |
| Standardavräkningsinstruktioner (SSIs) | Dåliga SSI orsakar förebyggbara fel, påföljder och kundfriktion | Ren SSI‑data + validering + kontroller | Referensdata + SSI‑valideringsautomatisering | Högre värde på dataintegritet + styrning |
| Finansiering & säkerhet | Mindre tid att skaffa kontanter/säkerhet; mer intradag likviditetsstress | Intradag synlighet + automatiserade finansieringsarbetsflöden | Säkerhet + treasury‑operationsplattformar | Fleråriga infrastrukturbudgetar blir ”måste‑spendera” |
| Undantagshantering i skala | T+2‑bufferten försvinner; undantag eskalerar till systematiska fel | Automatiserad avbrottsdetektion, routning och åtgärd | End‑to‑end post‑trade‑automationssviter | Högre byteskostnader + kvarstående återkommande intäkter |
Broadridge Financial Solutions
(BR )
The financial industry is a deeply interconnected web of institutions, commercial activities, and technology providers. As settlements and transactions move closer to matching the speed of other information technologies, fintech (financial technology) companies are becoming key partners to banks, funds, and insurers.
Broadridge is a fintech company servicing more than 10,000 public companies worldwide, settling more than $15 trillion in trades daily.
Källa: Broadridge
The company provides technology solutions that automate the trading lifecycle for capital markets, wealth, and asset management.
Källa: Broadridge
Broadridge is not a startup but a large company with over 15,000 employees operating in more than 100 countries. It processes equity trades for seven out of ten of the largest global investment banks and 21 out of 25 U.S. fixed-income primary dealers.
Broadridge also acts as the primary provider for proxy voting services, processing over 50% of proxy statements for public companies and mutual funds globally. It helps public companies manage shareholder communications, annual meetings, and data-driven investor reporting through its Investor Communication Solutions (ICS).
Källa: Broadridge
The majority of the company’s revenues are recurring (65%), making its future income relatively easy to predict. Recurring revenues have grown by 6–16% annually since 2016.
The demand for faster, more efficient, and more secure transactions has driven rapid expansion overseas, with international revenues growing fivefold to $518 million from FY2015–2025. It is likely that the move of European markets toward T+1 will provide an additional boost for the company.
In addition to regulatory changes, the company’s business is supported by underlying growth trends, including an increasing number of people investing and higher trading activity per active investor.
Källa: Broadridge
Overall, the underlying growth of the sector, the need for reliable and rapid implementation of change (which reduces competition from internally developed solutions), and Broadridge’s leadership in equity trade technology make it a promising growth stock poised to benefit from the expansion of the finance industry.
Senaste nyheter och utveckling för Broadridge (BR)
