麻豆传媒在线

Transactions in shares are subject to a settlement cycle, known as trade settlement. This process allows the smooth exchange of securities between the trading parties. At the end of May 2024, the stock exchanges in the USA, Canada and Mexico has shortenened this settlement cycle from the current two days (T+2) to just one day (T+1).

China, for its part, has already switched this settlement cycle to T+0 for equities and T+1 for cash. India's stock exchanges have also switched to T+1. In the EU, the UK and Switzerland, discussions on the introduction of T+1 are ongoing.

The switch of the North American stock exchanges to T+1 will have an impact on the European and Swiss markets. A shortened settlement cycle on T+1 is expected to bring advantages such as a reduction in systemic risks (liquidity, counterparty) vis-脿-vis clearing houses and other market participants.

Nevertheless, the change will present asset managers and investors in Switzerland with logistical and technical challenges. Swiss asset managers and fund providers currently must assess the potential impact on their collective investment schemes themselves and prepare for technological, behavioral and operational changes.

For competitive reasons, AMAS is endeavoring to shorten the settlement cycle to T+1 in Switzerland as well and believes it makes sense to pursue a joint solution with the EU and the UK. The corresponding discussions with the EU are being coordinated via the Swiss Finance Council in Brussels, of which AMAS is a member.

In January 2025 to transition to a T+1 Settlement Cycle for the domestic markets in Switzerland and Liechtenstein in October 2027 as a combined migration together with the EU and the UK.
In the event of a delay in either of the other two jurisdictions, domestic markets will seek to align their timeline with the 鈥渇irst mover鈥�, provided the migration occurs not before October 2027. This recommendation has been acknowledged by both the State Secretariat for International Finance (SIF) and SIX.
AMAS is also involved in the swissSPTC Task Force T+1 and will support it with experts from among its members and the Secretariat. In addition, AMAS will ensure coordination with external stakeholders such as the Swiss Finance Council and EFAMA in Brussels as well as the British Investment Association (the 鈥淚A鈥�). The aim is to enable a smart and smooth transition to the shortened T+1 Settlement Cycle on 11 October 2027 for the Swiss financial industry and AMAS members in particular, together with their European partners.