The Swiss Securities Post-Trade Council (swissSPTC) has published its recommendations for the Swiss and Liechtenstein markets to ensure a successful adoption of a T+1 settlement cycle.
SIX, as the primary Financial Market Infrastructure (FMI), is participating in the specialised Task Force and has stated that it will integrate the swissSPTC’s requirements into its own project.
Switzerland and Liechtenstein will move to a T+1 settlement cycle on 11 October 2027, in coordination with the EU and UK and in support of the key objective of a joint migration.
The recommendations are the result of an extensive analysis carried out in 2025 with the participation of more than 20 entities from the Swiss and Liechtenstein financial ecosystem.
The swissSPTC has undertaken a national initiative to guide the financial markets of Switzerland and Liechtenstein through the transition from the current T+2 settlement cycle to the new T+1 standard.
This strategic change follows months of rigorous cross-financial sector analysis involving leading institutions from trading, clearing and settlement infrastructures, banks, issuers, and industry associations. Throughout the process, regulatory and supervisory authorities have been kept closely informed.
The swissSPTC’s work has been structured around six dedicated workstreams: operational processes, international alignment, liquidity management, legal and regulatory considerations, lessons learned from the North American transition, and stakeholder communication.
The proposal framework covers all transferable securities executed on Swiss trading venues and settled within the Swiss central securities depository (CSD), SIX SIS.
To assist the industry in preparing for the transition, the swissSPTC has initiated a market consultation on T+1, open until 10 October 2025. In addition, the swissSPTC will present its recommendations, implementation plans and timeline at an event hosted by SIX on 23 September 2025.