SPAIN: BME Publishes Playbook for an Efficient Transition of Spain to T+1 Settlement Cycle

Friday August 8 2025

Bolsas y Mercados Españoles (BME) published the Playbook Spain T+1, a document that compiles all the conclusions reached by the Spanish task force on the transition to the T+1 settlement cycle.

The migration project to T+1 involves reducing the period between the execution of a trade and its settlement. Currently, in Europe, this period takes two days (T+2), but starting October 11, 2027, this settlement cycle will be reduced to just one day, known as T+1.

Transitioning to a T+1 cycle offers multiple advantages that make the financial market more efficient, competitive, and resilient. Some countries, such as the United States, Canada, and Mexico, have already implemented a T+1 settlement cycle in 2024.

Aware of the significant impact this change represents and following the mandate entrusted by Comisión Nacional del Mercado de Valores (CNMV) and the Bank of Spain, BME has led the creation of several specialised working groups in Spain to identify the main impacts arising from the transition to T+1.

This document identifies and organises the main impacts arising from the transition to T+1 and aims to help Spanish entities internally evaluate the adaptations they need to make to their systems and processes to ensure a successful migration to the new settlement cycle.

SIX continues to work actively to ensure the adaptation of all its services to the new standard, leading specialised working groups both in Spain and Switzerland, as well as actively participating in the various working groups implemented in international settings. These efforts represent a key milestone in the transition process to T+1 in the European Union, Europe, Switzerland, Liechtenstein, and the United Kingdom.

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