Piero Cipollone: Next-day securities settlement, tokenisation and the transformation of Europe’s financial infrastructure

Less than a year from now, on 11 October 2027, Europe will move to T+1 settlement. This means that the time from the moment a security is traded to the moment the buyer receives it and the seller is paid will be reduced from two days to one. This may sound like a technical change, but it is in fact much more significant. The transition to T+1 is part of a broader transformation of Europe’s financial infrastructure. And the objective is clear: to make Europe’s financial and payment system more efficient, more resilient and safer, and ultimately to make European financial markets more competitive. In the Eurosystem, we are contributing to this transformation across the full spectrum of our mandate.