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ESMA consults on T+1 guidelines
28 May 2026 France
Image: Timon/stock.adobe.com
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a consultation on the updated guidelines on standardised procedures and messaging protocols.
This review is part of ESMA’s work to support market participants in preparing for the transition to a T+1 settlement cycle, and invites stakeholders to submit feedback by 7 July.
The updates are designed to make post-trade communication faster, clearer, and more consistent across the EU.
They reflect the changes proposed in ESMA’s final report on ‘amendments to the regulatory technical standards on settlement discipline’ and support firms in meeting tighter timelines further to the transition to T+1.
Key revisions include: reflecting the mandatory use of electronic; standardised communication channels and international messaging standards; removing references to non-electronic and non-machine-readable communication methods; such as oral allocations and confirmations; except in cases of temporary technical disruptions.
The amended guidelines intend to apply from 7 December 2026, in alignment with the expected date of application of the proposed new requirements for allocations and confirmations under the regulatory technical standards (RTS) on settlement discipline.
The consultation comes ahead of the RTS’s formal endorsement by the European Commission, to give stakeholders adequate time to submit their feedback and prepare for implementation.
ESMA will consider the feedback received and expects to publish the final report including updated guidelines by October 2026.
This review is part of ESMA’s work to support market participants in preparing for the transition to a T+1 settlement cycle, and invites stakeholders to submit feedback by 7 July.
The updates are designed to make post-trade communication faster, clearer, and more consistent across the EU.
They reflect the changes proposed in ESMA’s final report on ‘amendments to the regulatory technical standards on settlement discipline’ and support firms in meeting tighter timelines further to the transition to T+1.
Key revisions include: reflecting the mandatory use of electronic; standardised communication channels and international messaging standards; removing references to non-electronic and non-machine-readable communication methods; such as oral allocations and confirmations; except in cases of temporary technical disruptions.
The amended guidelines intend to apply from 7 December 2026, in alignment with the expected date of application of the proposed new requirements for allocations and confirmations under the regulatory technical standards (RTS) on settlement discipline.
The consultation comes ahead of the RTS’s formal endorsement by the European Commission, to give stakeholders adequate time to submit their feedback and prepare for implementation.
ESMA will consider the feedback received and expects to publish the final report including updated guidelines by October 2026.
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