DTCC and ValueExchange reported persistent manual post-trade processes in research announced on 21 October. Their findings arrive ahead of two separate EU deadlines: new allocation and confirmation requirements in December 2026 and the move to T+1 settlement in October 2027.[1][2]
Reported operational indicators
| Item | Details |
|---|---|
| 2025 settlement volumes | Up 15%Source 1 |
| Number of failed trades | Up 21%Source 1 |
| Manual trade matching | 68% of firms retain some manual processingSource 1 |
| Automated SSI storage and exchange | 33% of European middle offices investedSource 1 |
| Place-of-settlement readiness | 62% appear preparedSource 1 |
The increase in failed trades is not a 21% failure rate. The survey percentages also describe firms or middle offices, rather than the share of every European trade processed manually. These distinctions matter when comparing the findings with an individual broker’s own operational data.[1]
ESMA implementation timetable
| Item | Details |
|---|---|
| 7 December 2026 | Standardised electronic, machine-readable allocations and confirmations; limited technical-disruption exceptionSource 2 |
| 11 October 2027 | EU standard securities settlement cycle changes to T+1Source 2 |
Where the remaining time can disappear
A missing standing settlement instruction can turn an otherwise valid trade into a sequence of messages between broker, asset manager and custodian. Shortening the cycle removes time from that repair process. An internal system may be automated while the handoff to a counterparty remains manual, so readiness has to be measured across the chain.[1][2]
Useful operational measures include first-pass matching, rejected instructions, unresolved exceptions and the time needed to obtain missing cash or securities. Those measures can identify a recurring bottleneck without mistaking an industry survey average for a firm-specific compliance finding.[1][2]
Sources & further reading
- Europe’s Move to T+1: Catalyst for Post-Trade Transformation, DTCC and ValueExchange DTCC / ValueExchange · 21 Oct 2026 · Accessed 27 Oct 2026
- One year to go for T+1 settlement: the regulatory framework is complete European Securities and Markets Authority · 16 Oct 2026 · Accessed 27 Oct 2026