Shortening settlement cycles is a relay, not a sprint, says EU regulator

Ross was direct about where the burden now sits on EU T+1 readiness. “No one can be ready in isolation,” she told delegates. “Each firm must, of course, assess its own readiness, but that alone is not enough.” Firms, she said, need to check the readiness of their entire ecosystem — clients, brokers, custodians, CSDs, trading venues, CCPs, vendors and outsource providers — because “readiness has to be tested up and down the trading and settlement chain, and one weak link can create pressure throughout that chain.”