As part of the preparations for the 11 October 2027 migration to the T+1 settlement cycle in Europe, the Swiss Securities Post-Trade Council (swissSPTC) has published its recommendations for the Swiss and Liechtenstein markets to ensure a successful adoption of the new market standard. SIX, as primary Financial Market Infrastructure (FMI), is participating in the specialized Task Force and will integrate the swissSPTC’s requirements in its own project.

Switzerland and Liechtenstein will move to a T+1 settlement cycle on 11 October 2027, in coordination with the EU and UK and in support of the key objective of a joint migration. The move follows North America’s adoption of T+1 in 2024 and reflects a global shift toward faster settlement, which aim to reduce counterparty risk, enhance liquidity, and strengthen market stability This move underscores Switzerland’s and Liechtenstein’s commitment to maintaining global market connectivity, competitiveness, and resilience.

The recommendations are the result of an extensive analysis carried out in 2025 with the participation of more than 20 entities from the Swiss and Liechtenstein financial ecosystem. The swissSPTC, through its dedicated T+1 Task Force, has undertaken a national initiative to guide the financial markets of Switzerland and Liechtenstein through the transition from the current T+2 settlement cycle to a new T+1 standard. This strategic change follows months of rigorous cross‑financial sector analysis involving leading institutions from trading, clearing, and settlement infrastructures, banks, issuers, and industry associations. Throughout the process, regulatory and supervisory authorities have been kept closely informed.

The swissSPTC’s work has been structured around six dedicated workstreams, addressing operational processes, international alignment, liquidity management, legal and regulatory considerations, lessons learned from the North American transition, and stakeholder communication. This organizational design enabled both vertical deep‑dives into specific technical domains and horizontal validations across workstreams, creating a holistic and coordinated roadmap for the transition. The approach remains adaptive; the recommendations are intended to be living guidance that will be revisited if market conditions or regulatory requirements change significantly before the implementation date. Parallel efforts by SIX, the domestic provider of the market infrastructure, are closely aligned with these recommendations.

The proposal framework covers all transferable securities executed on Swiss trading venues and settled within the Swiss central securities depository (CSD), SIX SIS.

To assist the industry in preparing for the transition, the swissSPTC has initiated a market consultation on T+1, open until 10 October 2025. Additionally, SwissSPTC will present its recommendations, implementation plans, and timeline at an event hosted by SIX on 23 September 2025.

SIX continues to actively adapt its services to the new standard, leading specialized working groups both in Spain and Switzerland, and participating in international initiatives. These efforts represent a key milestone in the transition process to T+1 in the European Union, Switzerland, Liechtenstein, and the United Kingdom.

You can explore the SIX T+1 information platform, which allows you to track developments in all key markets, understand local implications, and discover how SIX supports the transition from all angles at this link.

Source: SIX