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Asset Servicing | December 16, 2025

Countdown to 2027: Preparing for the T+1 Transition in Europe

Key steps for a smooth migration focusing on operational, regulatory and cross-jurisdictional considerations.

Watch this webinar discussion hosted by Northern Trust with the chairs of the UK and EU T+1 taskforces and prominent European industry T+1 leaders, to unpack the key issues you need to be aware to plan for a smooth transition.

The shift to T+1 securities settlement in the United Kingdom (UK), the European Union (EU), and Switzerland on 11 October 2027 is set to transform European markets.

Topics include:

  • Key lessons learned from the North American migration.
  • Getting to grips with the EU & UK implementation timetables.
  • Key priorities emerging for the industry, including modernising the market infrastructure.
  • What needs to happen between now and beyond October 2027 to enhance the efficiency and competitiveness of European markets.
Watch the webinar

The panel features: 

  • Natalie Berkecz, Global Head of Custody, Tax and Regulatory Product, Northern Trust 
  • Andrew Douglas, Chair of the UK Accelerated Settlement Taskforce (UK T+1 Migration) 
  • Gareth Jones, Director Group Strategy, Product and Market Expansion Division, Euroclear 
  • Pete Tomlinson, Managing Director of AFME’s Capital Markets division
  • Giovanni Sabatini, Independent Chair of the EU T+1 Industry Committee

The webinar is moderated by Emmanuel Le Marois, Senior Regulatory Product Manager, Northern Trust.

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    T+1 UK and Europe: The work starts now

    Following the move to T+1 securities settlement in North America, the United Kingdom, the European Union, Switzerland and Liechtenstein have now formally endorsed and are actively planning to transition their respective securities settlement cycle to T+1

Northern Trust Banking & Markets is comprised of a number of Northern Trust entities that provide trading and execution services on behalf of institutional clients, including foreign exchange, institutional brokerage, securities finance and transition management services. Foreign exchange, securities finance and transition management services are provided by The Northern Trust Company (TNTC) globally, and Northern Trust Global Services SE (NTGS SE) in the European Economic Area (EEA). Institutional Brokerage services including ITS are provided by NTGS SE in the EEA, Northern Trust Securities LLP (NTS LLP) in the rest of EMEA, Northern Trust Securities Australia Pty Ltd (NTSA) in APAC and Northern Trust Securities, Inc. (NTSI) in the United States. For legal and regulatory information about our offices and legal entities, visit northerntrust.com/disclosures.

This marketing communication is issued and approved for distribution in the United Kingdom and European Economic Area by The Northern Trust Company, London Branch  (TNTC) or Northern Trust Global Services SE (NTGS SE). TNTC is authorised and regulated by the Federal Reserve Board; authorised by the Prudential Regulation Authority; subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. NTGS SE is authorised by the European Central Bank and subject to the prudential supervision of the European Central Bank and the Luxembourg Commission de Surveillance du Secteur Financier.

This communication is provided for the sole benefit of clients and prospective clients of TNTC and/or NTGS SE and may not be reproduced, redistributed, or transmitted, in whole or in part, without the prior written consent of TNTC and/or NTGS SE. Any unauthorized use is strictly prohibited. This communication is directed to clients and prospective clients that are categorised as eligible counterparties or professional clients within the meaning of Directive 2014/65/EU on markets in financial instruments (MiFID II). TNTC and NTGS SE do not provide investment services to retail clients. This communication is a marketing communication prepared by a member of the TNTC or NTGS SE sales and trading departments and is not investment research. The content of this communication has not been prepared by a financial analyst or similar; it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. This communication is not an offer to engage in transactions in specific financial instruments; does not constitute investment advice, does not constitute a personal recommendation and has been prepared without regard to the individual financial circumstances, needs or objectives of individual investors.

© 2025 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability as an Illinois corporation under number 0014019. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation. This material is directed to professional clients (or equivalent) only and is not intended for retail clients and should not be relied upon by any other persons. This information is provided for informational purposes only and does not constitute marketing material. The contents of this communication should not be construed as a recommendation, solicitation or offer to buy, sell or procure any securities or related financial products or to enter into an investment, service or product agreement in any jurisdiction in which such solicitation is unlawful or to any person to whom it is unlawful. This communication does not constitute investment advice, does not constitute a personal recommendation and has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receive it. Moreover, it neither constitutes an offer to enter into an investment, service or product agreement with the recipient of this document nor the invitation to respond to it by making an offer to enter into an investment, service or product agreement. For Asia-Pacific markets, this communication is directed to expert, institutional, professional and wholesale clients or investors only and should not be relied upon by retail clients or investors. For legal and regulatory information about our offices and legal entities, visit northerntrust.com/disclosures. The views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author's employer, organization, committee or other group or individual. 

The following information is provided to comply with local disclosure requirements: The Northern Trust Company, London Branch, Northern Trust Global Investments Limited, Northern Trust Securities LLP, Northern Trust Global Services SE UK Branch and Northern Trust Investor Services Limited, 50 Bank Street, London E14 5NT, are authorised and regulated by the UK’s Financial Conduct Authority. The Northern Trust Company, London Branch and Northern Trust Global Services SE UK Branch are also authorised and regulated by the UK’s Prudential Regulation Authority. Not all of the products and services mentioned within this material are authorised and regulated by the UK’s Financial Conduct Authority or UK’s Prudential Regulation Authority. Northern Trust Global Services SE, 10 rue du Château d’Eau, L-3364 Leudelange, Grand-Duché de Luxembourg, incorporated with limited liability in Luxembourg at the RCS under number B232281; authorised by the ECB and subject to the prudential supervision of the ECB and the CSSF; Northern Trust Global Services SE UK Branch, UK establishment number BR023423 and UK office at 50 Bank Street, London E14 5NT; Northern Trust Global Services SE Sweden Bankfilial, Ingmar Bergmans gata 4, 1st Floor, 114 34 Stockholm, Sweden, registered with the Swedish Companies Registration Office (Sw. Bolagsverket) with registration number 516405-3786 and the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) with institution number 11654; Northern Trust Global Services SE Netherlands Branch, Viñoly 7th floor, Claude Debussylaan 18 A, 1082 MD Amsterdam; Northern Trust Global Services SE Abu Dhabi Branch, registration Number 000000519 licenced by ADGM under FSRA #160018; Northern Trust Global Services SE Norway Branch, org. no. 925 952 567 (Foretaksregisteret), address Third Floor, Haakon VIIs gate 6 0161 Oslo, is a Norwegian branch of Northern Trust Global Services SE supervised by Finanstilsynet. Northern Trust Global Services SE Leudelange, Luxembourg, Zweigniederlassung Basel is a branch of Northern Trust Global Services SE. The Branch has its registered office at Grosspeter Tower, Grosspeteranlage 29, 4052 Basel, Switzerland, and is authorised and regulated by the Swiss Financial Market Supervisory Authority FINMA. The Northern Trust Company Saudi Arabia, PO Box 7508, Level 20, Kingdom Tower, Al Urubah Road, Olaya District, Riyadh, Kingdom of Saudi Arabia 11214-9597, a Saudi Joint Stock Company – capital 52 million SAR. Regulated and Authorised by the Capital Market Authority License #12163-26 CR 1010366439. Northern Trust (Guernsey) Limited (2651) (NTGL)/Northern Trust Fiduciary Services (Guernsey) Limited (29806) (NTFSGL)/Northern Trust International Fund Administration Services (Guernsey) Limited (15532) (NTIFASGL) are licensed by the Guernsey Financial Services Commission. Registered Office: NTGL/NTFSGL -Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3DA. NTIFASGL - Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3QL. Northern Trust International Fund Administration Services (Ireland) Limited (160579)/Northern Trust Fiduciary Services (Ireland) Limited (161386). Registered Office: Georges Court, 54-62 Townsend Street, Dublin 2, D02 R156, Ireland.