Piero Cipollone: Europe to move to T+1 in 2027 and advance the tokenization of securities infrastructure
Piero Cipollone: Next-day securities settlement, tokenisation and the transformation of Europe’s financial infrastructure
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ECB Executive Board member Piero Cipollone said Europe will move from T+2 to T+1 securities settlement on October 11, 2027, shortening the cycle from trade to the delivery of securities and payment to 1 day. T2S already supports T+1 and even T+0 settlement, and the related overnight settlement processes are scheduled to be adjusted in June 2027. Meanwhile, Pontes already supports the settlement of tokenized assets in central bank money, and the Eurosystem also plans to extend its operating hours and explore a European tokenized finance ecosystem based on common standards through Appia.
The material places T+1, T2S, Pontes, and Appia within the same framework, presenting the path of European securities settlement as it advances shorter settlement cycles and tokenized infrastructure in parallel.
Source:European Central Bank · ecb.europa.eu