---
title: "SIX T+1 project update Madrid; Go-Live planned for 11/10/27"
sdDatePublished: "2026-04-30T13:07:00Z"
source: "https://www.six-group.com/dam/download/sites/swiss-sptc/t1/t-plus-1-roadmap-april-2026.pdf"
topics:
  - name: "financial service"
    identifier: "medtop:20001370"
  - name: "stock broking"
    identifier: "medtop:20000292"
  - name: "financial and business service"
    identifier: "medtop:20000271"
  - name: "international trade"
    identifier: "medtop:20000373"
  - name: "business strategy and marketing"
    identifier: "medtop:20000192"
locations:
  - "Spain"
  - "United Kingdom"
  - "Community of Madrid"
  - "Switzerland"
  - "Zürich"
---


SIX T+1 project update Madrid; Go-Live planned for 11/10/27

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30 April 2026, Madrid
SIX T+1 update for EU, SWISS
and UK Markets

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Agenda
Welcome
1
T+1 status in Europe and United Kingdom
2
SIX T+1 Project
3
4
T+1: High level analysis
5
Iberclear update
Community testing
Iberclear: Client action plan
Q&A / Closing remarks
6
7
8

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Agenda
Welcome
1
Welcome

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Agenda
T+1 status in Europe and UK
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T+1 status in Europe and UK

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EU
UK
ECB
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Before summer:
•
2nd version Handbook
•
2nd ValueExchange survey
•
Other documents: check-list
−
Quaterly revision in AST: plan update:
implementation harmonizing dates
with the EU ones
−
Comments on RTS until February 2026.
Publication before October 2027 to
implement the changes in time
Next steps
−
CR-0858 approved, pending formal
authorisation by CSG
−
T2S Release decision and activation
method in Production: in June 2027
−
Roadmap IC and final RTS document of
ESMA published in 2025.
−
Handbook published in February
−
Results of 1st ValueExchange survey
presented in February
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Publication of testing strategy document
coordinated with UK and CH in April
−
AST final report published in
February 2025. Approval of
governance
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Project CSD Rulebook 2026
Published in November 2025: T+1
implementation mandatory
Main topics
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Schedule day review
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NTS Settlement transactions: 00.00
and 2.00. Partial Settlement window
in the first NTS cycle too
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Settlement Efficiency: MSE WS
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Coordination Committee leaded by
ESMA/EC/ECB.
−
Industry Committee (IC) chaired by
Giovanni Sabatini
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12 Technical Workstreams (TW) + 3 Task
Forces, leaded by industry experts
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UK Accelerated Settlement
Taskforce (AST) created in December
2022
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5 working groups and 13 subgroups
Governance
−
Impact assement on T2S
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Leaded by MIB & CSG.
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CSG TF with CSDs and
participants
−
Market Settlement
Efficiency WS (MSE WS)
T+1 Status in Europe and UK
5

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Agenda
SIX T+1 Project
3
SIX T+1 Project

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SIX T+1 Project
7
Current situation
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National and international working
groups feedback
−
Analysis / Requirements / Planification
−
Communication plan / Client action plan
−
Playbook / Roadmap /
−
Six high level impact assessment for T+1
migration
Next steps
−
Developments
−
Testing and migration: Specifications
−
Internal testing (2026)
−
Community testing (2027)
Project
Program / Proyects
Proyectot1@grupobme.es
11 Octuber 2027
Implementation
Main changes
−
Corporate events
−
Functionalities
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T2S (operational day, gating event)
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Impact: Many markets have not yet
published their specifications
Testing and migration
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Interdependencies with other initiatives
−
Testing: “Industry testing plan for T+1
(EU, UK, CH)” published
Key points
SIX T+1
Landing Page T+1
Overview

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Report on the assessment
of the shortening of the
settlement cycle in the EU
18/11/2024
Final Report on
amendments to the RTS
on Settlement Discipline
13/10/2025
High-Level Roadmap to
T+1 Securities
Settlement in the EU
T+1 Industry Committee
30/06/2025
Securities settlement
Handbook
03/02/2026
T+1 Corporate Events.
Harmonised
Implementation Guide
Marzo 2026
(latest version)
EU T+1 (IC), UK (AST),
SWISS SPTC
Main documents
European Union (EU)
United Kingdom (UK)
and Switzerland (CH)
T+1 Testing Plan
25/03/2026
SIX T+1 Project

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Spanish Market playbook
24/07/2025
Identification of changes to
support entities in their
impact analysis
Definition of changes to
support entities in their
impact analysis
Structured view of the
transition to T+1.
 SIX acting as a change
facilitator
BME Roadmap
21/11/2025
SIX High level impact
assessment for T+1 migration
08/04/26
Documentation published by BME
SIX T+1 Project

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SIX High-Level
Impact Assessment
for T+1 Migration
Six high-level impact assessement for T+1 Migration
SIX T+1 Project

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2026
2027
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02
03
04
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06
07
08
09
10
11
12
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02
03
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05
06
07
08
09
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Communication plan
(Hybrid events in Madrid /Zurich)
Client action plan
SIX high level impact assessment
for T+1 Migration
Functional documentation
Requirements
Development /
Adaptations
Internal testing
Definition of the testing strategy
Community testing
Go-Live (11/10/27)
SIX Group adaptations to T+1:
trading, clearing, settlement and
corporate actions
Publication of functional changes
SIX group adaptations to T+1:
Community testing
Testing windows: All infrastructures will be available. During the
first window, the new operational day schedule will not be
available
T+1 INDUSTRY TESTING PERIOD
Publication of testing documentation
Timeline
SIX T+1 Project

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Agenda
4
T+1: High level analysis
T+1: high level analysis

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Trading
Clearing
Settlement
Corporate events
Trading, clearing, settlement and corporate events
T+1: High level analysis

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The move to T+1 at Bolsas y Mercados Españoles (BME) accelerates the settlement cycle, boosts efficiency and
international alignment, and preserves an almost frictionless client experience. Tangible impact on internal operations;
limited impact for clients on the trading side.
Cycle Shortening
−
Reduced risk and capital usage thanks to lower overnight exposure. Convergence with key international standards,
facilitating global investment flows.
−
Shorter processing windows and greater intraday discipline.
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Optimization of critical post-trade processes without altering the client value proposition.
Corporate Events and NAV Trading
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Harmonization of milestones across all markets: ex-date and record date occur on the same day, eliminating current
timing gaps.
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Equities: In NAV-based trading, the trade date coincides with NAV availability. Settlement will remain on T+1.
Readiness and Impact for Trading Clients
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Stable experience: no material changes expected in channels, fees, or usual flows.
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Greater certainty and transparency: clearer calendars and references for corporate actions.
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No complex reconfigurations: BME’s internal adjustments absorb the bulk of the change.
Trading
Cycle Shortening
Corp.Events / NAV trading
Readiness
Trading
T+1: High level analysis

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Compression of CCP processes
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T+1 requires a compression of CCP process timelines, especially in the Spanish market, where several activities
currently take place on T+1 (allocations, transfers, hold & release, netting)
−
The cut-off times for these processes will be moved from T+1 to T (15-30 minutes after Spanish market closure)
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Netting reports will be available on T, around 21:00, once previous processes have been completed
Alignment and functional enhancements
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Harmonized model of hold & release, including partial release
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POA where supported by the CSD
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The physical delivery of equity Exchange-Traded Derivatives (ETDs) will follow a T+1 settlement cycle
Preparation
−
The migration to the new clearing platform will incorporate most of the changes required for T+1 ahead of T+1 go-live
Clearing
Process compression
Alignment / enhancements
Preparation
Clearing
T+1: High level analysis

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Settlement
Automation
STP / Act. data
Settlement Efficiency
Settlement
T+1: High level analysis
Time shortening : Automation
−
Instructions to be send v¡before 23:59 to be included in the first NTS cycle
−
Sending of messages generated after transaction process after the first NTS cycle (Operational day)
−
SFT : gating event
STP Data Update
−
Common Format for Settlement instructions
−
Update key to avoid errors, amendments and/or cancellations
−
Correct usage of transaction codes
Settlement Efficiency
−
Intensive usage of partial settlement and other functionalities
−
Optimization of failings and prorization

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Corporate events
Events: key dates
Market claims and transf.
Buyer protection
Corporate events
T+1: High level analysis
Event dates updates
−
Modification of timing requires adaptations
Market claims changes
−
Based on the recommendations from Corporate Events Group (CEG)
Buyer Protection Automation
−
After the migration to T+1

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Agenda
5
Iberclear update
Iberclear update

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SSS Closing: Establish a
DvP cutoff of 16:00 for
standard settlement in EUR
and a FoP cutoff of 18:00
Partial settlement
functionality (I)CSDs
SSS Opening
Hold & Release
functionality - (I)CSDs
POA Functionality
Liquidity Tools &
Functionalities
Allegements - (I)CSDs
Auto-collateralisation
facilities
European recommendations already implemented
Iberclear update

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Custodians to offer PSAF
information in Statement of
Holding
No changes required
Use of Transaction type
identifier in settlement
instructions
Reform 3 harmonised ISO 15022
and ISO 20022
Partial Settlement
Market Practice
Iberclear complies with market practice
Interaction with other global
regions
To date, no significant changes have
been identified
Potential establishment of a
DvP cutoff of 17:00
No changes are expected prior to
the transition to T+1
Automation of buyer
protection processing
No changes are expected prior to the
transition to T+1
Iberclear update
European recommendations analysed

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Iberclear update
European recommendations requiring changes
Inclusion of partial
settlement window in the
first cycle of T2S NTS (C1SX)
Settlement
optimisation for SFTs
Automation of market
claims processing
Alignment of corporate
event key dates with the T+1
standard settlement cycle
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Iberclear update
European recommendations requiring changes
Inclusion of partial
settlement window in the
first cycle of T2S NTS (C1SX)
Settlement
optimisation for SFTs
Automation of market
claims processing
Alignment of corporate
event key dates with the T+1
standard settlement cycle
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Summary
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Additional partial
settlement window in
the first cycle of the
Night-Time Settlement
(NTS).
−
Allows the early release
of securities and
liquidity following the
C1S4 sequence.
−
Netting and
optimisation processes
are strengthened,
reducing the volume
carried forward to Real-
Time Settlement
Main changes
−
A time gap is introduced
between the C1S3 and
C1S4 sequences.
−
The C1S4 sequence is
delayed to 00:00.
−
A new C1SX sequence is
introduced to enable
partial settlement
during the NTS.
−
An additional time gap
is introduced between
the C1SX sequence and
the start of the second
NTS cycle (02:00).
Operational impact
−
Settlement-related
messaging will not be
received until the
completion of the C1S4
sequence.
−
This highlights the need
for automation among
participating entities.
−
Review of participants’
internal processes to
adapt to the new
timetable.
Inclusion of partial
settlement window in
the first cycle of T2S
NTS (C1SX)
T2S-0858-URD Adjustment of the Night-Time
Settlement for accommodating the shortening of
the settlement cycle to T+1
Iberclear update
European recommendations requiring changes: Partial window

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Iberclear update
European recommendations requiring changes
Inclusion of partial settlement
window in the first cycle of T2S
NTS (C1SX)
Settlement
optimisation for SFTs
Automation of market
claims processing
Alignment of corporate
event key dates with the T+1
standard settlement cycle
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SFT TF: optimisation of
settlement and the use
of a “gating event” to
minimise intraday
liquidi