Piero Cipollone: Next-day securities settlement, tokenisation and the transformation of Europe’s financial infrastructure
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Piero Cipollone, Member of the ECB Executive Board, notes that Europe will move to T+1 securities settlement on 11 October 2027 and presents it as a catalyst for modernising post-trade. He reviews the Eurosystem's tokenisation roadmap and stresses that T2S will continue to coexist with the new infrastructures.
Key points
- T2S will adjust night-time settlement in June 2027, ahead of the migration to T+1
- Pontes has settled tokenised transactions in central bank money since 21 September; it will extend hours by mid-2027 and run 24/7 in 2028
- Since 30 March assets issued in DLT-based central securities depositories are accepted as collateral
- Appia will deliver in 2028 a blueprint for an integrated European tokenised finance ecosystem
Who is affected
Central securities depositories, post-trade firms, banks and investors
Deadlines
T2S changes in June 2027; move to T+1 on 11 October 2027; Pontes 24/7 in 2028
Plain-language version
Piero Cipollone of the ECB (the euro area's central bank) reminds us that from 11 October 2027 Europe moves to T+1: when you buy or sell shares, the money or the shares arrive the next business day. The ECB also already settles deals in tokenised assets, meaning shares or bonds in digital form, using central bank money, and plans to do it around the clock in 2028.
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