SIX and swissSPTC Prepare for Switzerland’s Switch to T+1 Settlement
Switzerland and Liechtenstein are preparing for a major structural change in financial markets with the migration to a T+1 settlement cycle, scheduled for 11 October 2027. The Swiss Securities Post-Trade Council (swissSPTC) has published recommendations to guide the transition, ensuring readiness across the ecosystem.
The move comes in coordination with the European Union and the United Kingdom, marking a joint migration to T+1 across the continent. It follows North America’s adoption in 2024 and reflects the broader global shift toward quicker settlement cycles. By reducing counterparty risk, enhancing liquidity, and strengthening market stability, the shift aims to maintain Switzerland’s and Liechtenstein’s competitiveness and global market connectivity.
Recommendations and Task Force Efforts
The swissSPTC’s recommendations are the result of an extensive 2025 analysis involving more than 20 financial institutions. A dedicated T+1 Task Force has coordinated inputs from trading, clearing, and settlement infrastructures, banks, issuers, and industry associations, while keeping regulatory authorities closely informed.
Work has been structured around six streams:
- Operational processes
- International alignment
- Liquidity management
- Legal and regulatory considerations
- Lessons learned from North America
- Stakeholder communication
This structure allowed deep technical exploration alongside cross-functional validation, resulting in a comprehensive roadmap. The swissSPTC has emphasized that its recommendations are “living guidance” and may be revisited as conditions evolve.
SIX’s Role in Implementation
SIX, the domestic , is a key participant in the T+1 Task Force and will integrate the swissSPTC’s requirements into its own project. The framework covers all transferable securities executed on and settled through the Swiss CSD, SIX SIS. SIX is also leading working groups in both Switzerland and Spain, while contributing to international initiatives on post-trade modernization.
To support industry preparation, swissSPTC has launched a market consultation on T+1, open until 10 October 2025. An event hosted by SIX on 23 September 2025 will present detailed recommendations, implementation plans, and the transition timeline. These initiatives are designed to give participants ample time to adapt operational, legal, and technical processes ahead of the 2027 migration date.
The coordinated approach between swissSPTC, SIX, and international stakeholders marks a pivotal milestone for Switzerland and Liechtenstein as they prepare to movement toward quicker, more resilient settlement cycles.
