The Code of Conduct includes critical and recommended actions, along with suggested timelines and behavioural commitments surrounding compliance and automation.
The UK T+1 Accelerated Settlement Task Force (AST) has published its implementation plan for the UK's transition from T+2 to T+1 securities settlement.
The plan includes a Code of Conduct for market participants, which confirms 11 October 2027 will be the first trading date in UK cash equities for settlement on a T+1 cycle - in line with the European Union and Switzerland.
Within the blueprint is a clearly defined scope, 12 critical operational actions and 26 highly recommended actions.
In addition, there are five behavioural commitments including a push for automation in SSIs, corporate actions, stock lending recalls, and a focus on 'action this day' urging firms to begin planning and where practicable, immediate implementation.
The implementation plan has the support of the public authorities including government (HMT), Financial Conduct Authority (FCA), and the Bank of England.
Primary regulation, UK CSDR, will be amended to reflect that T+1 will be mandatory from 11 October 2027.
Andrew Douglas, chair of the UK T+1 AST, said: "This is a milestone in the UK's journey to T+1 settlement and reflects a substantial amount of work and co-operation across the industry. We have a date and a detailed plan for the way ahead. Market participants should start planning now ahead of the 2025 budget process for project funding in 2026. Automation will be a key component of a successful implementation."
An online and in-person event for market participants will be held on 20 February, to provide an opportunity for market participants to hear speakers from the AST detail the critical recommendations made in the Implementation Plan, HM Treasury, the Bank of England and the FCA offer their thoughts on the plan, and to hear a live discussion amongst firms who have already begun to plan their own journey to T+1. Market participants can register here.
Euroclear is supporting the UK T+1 Accelerated Settlement work with programme management and industry engagement support, allowing the taskforce to continue to operate through to October 2027.