AFME announces establishment of T+1 industry taskforce

The Association for Financial Markets in Europe (AFME) has set up a new industry task force to assess the potential impact of moving to a one-day settlement cycle (T+1) in Europe.
AFME is calling for a broad and diverse group of industry associations representing stakeholders to participate in the task force, that will assess whether Europe should follow other jurisdictions, such as the US, in moving to shorter settlement cycles and, if so, how and when this could happen.
The task force will also identify changes to the current post-trade operating environment that would be necessary to facilitate T+1 and agree on actions required to deliver those changes.
The move comes after the US announced its intention to move to T+1 settlement by May 2024 (see also eventid=19797).