Wednesday October 1 2014
News Source: Global Exchanges
Focus: Money Market Funds
Type: General
Country: European Union
Link: http://www.ecb.europa.eu/paym/t2s/governance/ag/html/taskforcet2/index.en.html
The European Commission’s Clearing and Settlement Advisory and Monitoring Expert Group (CESAME 2 group) set up the Harmonisation of Settlement Cycles Working Group in 2009. The Working Group recommended T+2. This was implemented in the Regulations on improving securities settlement in the European Union on central securities depositories.
T+2 will harmonise securities settlement periods at a maximum of two business days after the trading day, (T+2) for certain securities transactions across the EU.
The following markets have confirmed 6th October as their migration date:
Austria
Belgium
Denmark
Estonia
Finland
France
Greece
Hungary
Italy
Lithuania
Luxembourg
Latvia
Malta
Netherlands
Portugal
Slovakia
Switzerland
Croatia
Cyprus
Czech Republic
Iceland
Norway
Poland
Sweden
United Kingdom & Ireland
Germany, Slovenia and Bulgaria are already using T+2
Spain equities are expected to change in Q4 2015.
Click link above for further details.