During SIX’s Post Trade Forum in London - now celebrating its ninth year - industry leaders explored how geopolitical instability is impacting post trade operations, the strategic pivot towards T+1 settlements and 24/5/7 trading, and the role of digitalization.
Creating a Strategy to Support Change
With the pace of change only getting faster, post trade providers need to adapt quickly, if they are to meet the diverse needs of clients.
“From automation, digital assets, and the move towards T+1, change is accelerating across the value chain. This is our opportunity to redefine how post trade works – by making it simpler, smarter and improving connectivity with clients. At SIX, post trade is one of our core strengths – and it has been a year of significant transformation in our Securities Services business,” commented Bjørn Sibbern, CEO SIX.
This was echoed by Rafael Moral Santiago, Head Securities Services, SIX: “Our vision for 2030 is to transform Securities Services into a pan-European provider of integrated and digital post trade solutions,” he said.
He continued: “Every element of that vision has meaning. By Pan-European, this means scaled platforms and expanded high quality services across Europe. ‘Integrated’ reflects our consolidated infrastructure and efficient operating model. ‘Digital’ signals our commitment to embedding DLT into our core infrastructures and scaling our digital asset capabilities. ‘Solution’ highlights our shift from core infrastructure to innovative, client focused post trade solutions. This vision positions us to deliver greater value for our clients and drive industry transformation.”
Underscoring this commitment - and also coinciding with the Post Trade Forum - it was announced by SIX that its two CCPs, SIX x-clear and BME Clearing, would be integrated into a single CCP, bringing together BME Clearing’s extensive multi-asset class capabilities and SIX x-clear’s interoperable pan-European cash equity model.
“The consolidation of the clearing platforms will allow us to streamline operations, reduce complexity, and build a foundation for future growth. It also gives us a broader European reach. It provides us with stronger resilience too, as we will now have operations in three locations – Madrid, Zurich and Oslo. Operating under an EU license – as our headquarters will be in Spain – SIX will be able to gain access to European infrastructures, such as Target2Securities (T2S), T2 and European Central Bank (ECB) money, which we currently lack today,” commented Laura Bayley, Head Governance & Industry Relations Clearing, SIX.
This project is subject to the required regulatory approvals.
This consolidation comes not long after SIX Digital Exchange (SDX) was integrated into SIX’s post trade business. “By embedding digital capabilities into our traditional infrastructure, we will create a seamless experience for our clients with ‘one plug, two worlds,’” said Marco Kessler, Head Product & Business Development, Digital Assets, SIX.
Sparked by new risks, emerging technologies and post trade reform, the industry is going through a lot of disruption. To navigate these changes seamlessly, institutions need to work with providers who are continuously evolving and enhancing their product offerings.
A Step Closer to T+1
T+1 in Europe is upon us. North America is now live with accelerated settlements, whilst Europe (the EU, Switzerland and the UK) is scheduled to adopt T+1 on October 11, 2027 - a move that will facilitate all sorts of collateral and liquidity benefits for the wider industry.
Although North America’s transition to T+1 went by relatively smoothly and the industry has learned a lot of useful lessons from the experience, Francisco Béjar, Co-Head Custody, SIX, said Europe’s implementation is going to be much harder.
Not only are 30 different countries going live with T+1 at exactly the same time, but Europe’s regulations are fragmented, its financial market infrastructure (FMI) ecosystem is heavily saturated, and there are multiple currencies.
“T+1 is like playing the same song but two times faster, and everyone is playing a different instrument, each with their own techniques and capabilities. The challenge in Europe is that we all have to play this same song two times faster - and with no dress rehearsal beforehand. We only have 22 months until T+1 takes effect in Europe and it will impact the full investment and intermediary value chain, from trading through to clearing and settlement,” said Béjar.
Regulators and the various industry T+1 taskforces are doing their collective part to ensure people are adequately prepared for the changes. The European Securities and Markets Authority (ESMA), along with the EU T+1 Industry Committee, the Swiss Securities post trade Council (Swiss SPTC), and the UK’s Accelerated Settlement Taskforce, have all published comprehensive guidance on T+1, as have leading FMIs.
Béjar noted that whereas the industry taskforces have written the musical ensemble for T+1 compliance, it is the responsibility of FMI(s) to conduct the orchestra, making sure market participants play their instruments to the right tune when shorter settlements go live.
The reality is that the transition to T+1 will only be smooth if the full value chain embraces automation. One custodian said they are busy educating clients and counterparties about the importance of adopting Straight-through-Processing (STP), improving pre-matching and standardizing their Standing Settlement Instructions (SSIs), ahead of T+1.
Currently T+1 instructions account for 35% of cross-border messages on the Swift network, yet Swift reckons this will rise to 70% by 2030. [1]
Assuming the industry makes a success of T+1, experts told the Post Trade Forum that a phasing in of T+0 and then atomic, e.g. instant, settlements will probably be the natural next steps.
Not everyone is convinced about atomic settlement. Whilst atomic settlement would all but eliminate settlement duration risk, one speaker said it fails to take into account the netting benefits facilitated by Central Counterparty Clearing Houses (CCPs). “In the US, 98% of transactions are netted at a CCP. The highest volume day was $5.8 trillion. I would like to know how you can fund $5.8 trillion to atomically settle on a single day,” highlighted one expert.
24/5/7 Trading – Separating Fact from Fiction
Fuelled by the growing retail investor participation in equity markets, a number of leading stock exchanges are exploring the feasibility of introducing 24/5/7 trading.
In the US, the New York Stock Exchange, Nasdaq and CBOE are considering extending their trading hours, as is the London Stock Exchange Group. According to a Depository Trust & Clearing Corporation (DTCC) study, most clients expect 1%–10% of total trading volumes will shift to overnight sessions by 2028. [2] This is forcing US post trade providers to respond. One speaker said the National Securities Clearing Corporation (NSCC) will mirror the US stock exchanges by operating 24/5 from Sunday 20:00 HRS ET to Friday 20:00 HRS ET, starting in June 2026, although they added that trades will still settle on T+1.
Whilst elongated trading windows will drive up retail trading activity, e.g. by allowing after-hours trading, enabling people in, say Asia, to trade US equities at night, etc, and facilitate continuous price discovery, it could create challenges for investors and post trade providers.
Firstly, markets operating outside of conventional hours – especially during the night-time – tend to be more illiquid – this means investors will see wider bid-ask spreads, higher volatility and increased trading costs.[3] A speaker said most institutional investors will not even want to trade liquid assets at hours when markets are illiquid, adding it risks being a drag on performance. On the post trade side, providers would need to operate on a 24-hour basis in a 24/5/7 trading environment, creating additional costs. Further harmonization of trade settlement cycles, volatility guardrails and corporate actions will also be required.[4]
Several speakers told the Post Trade Forum that while the US is making solid progress on 24/5/7 trading, the European industry’s strategic priority - above everything else - is getting ready for T+1.
Racing Ahead on Digitalization
Post trade providers are increasingly integrating digital assets, Distributed Ledger Technology (DLT) and Artificial Intelligence (AI) into their workstreams.
Driven mainly by US regulatory changes, e.g. the GENIUS Act, the abolition of the Securities and Exchange Commission’s (SEC) SAB 121 etc. investor demand for digital assets - such as Stablecoins - is gaining momentum.
In response, speakers said custodians are beginning to launch digital asset custody solutions.
Experts at the Post Trade Forum also noted that asset tokenization - enabled by DLT – is poised to have a transformational impact on collateral management. This comes as The Value Exchange found that 52% of firms intend to start using tokenized assets (e.g. tokenized cash, money market funds, G7 debt, etc) as collateral from 2026, across a number of different activities, including repo trading, OTC derivatives margining, securities lending, and listed derivatives trading. [5]
AI is also taking off in post trade, experts said.
One panellist highlighted their organization is using AI to generate productivity benefits through faster data analytics and note summarization, adding the technology is also being deployed to predict settlement fails, simplify client onboardings and support better cash forecasting.
Post Trade Rises to the Geopolitical Challenge
Whilst the ongoing conflict in Ukraine and the unpredictability of US trade tariffs are putting pressure on post trade operations, speakers flagged that compliance with international sanctions remains by far the industry’s biggest challenge.
For providers with large global footprints, sanctions are an acute business problem.
Experts noted that the sanctions being imposed on Russia by the US and the EU (not to mention Russian counter-sanctions) are not always fully aligned, sowing confusion about what services custodians can actually provide to their clients. As a result, a speaker said the complexities of complying with global sanctions can often lead to transaction and processing delays.
Given the sheer volume and idiosyncratic nature of sanctions – and the pace at which they are being rolled out - firms can no longer just rely on manual processes to avoid falling foul of the rules - an automated approach towards sanctions screening and compliance is an absolute prerequisite.
Looking Ahead
The insights from the Post Trade Forum 2025 highlight a post trade industry at a pivotal moment. The transition to T+1 in Europe will be the immediate priority, driving greater automation, standardization and collaboration across the value chain. At the same time, consolidation and digitalization—through DLT, tokenization and AI—will reshape post trade infrastructures, enabling more integrated, resilient and client-focused solutions. While extended trading hours and shorter settlement cycles remain longer-term considerations, the ability to adapt to regulatory complexity, geopolitical risk and rapid technological change will define which providers succeed in the years ahead.
SIX is entering a new phase of transformation with a clear, client-centric strategy and a strong end-to-end post trade setup. By leveraging interoperable platforms, next-generation infrastructure and integrated DLT capabilities, SIX aims to reduce complexity and support market evolution toward T+1, digital assets and more automated operations.
Looking to 2030, SIX is positioning itself as a pan-European provider of integrated and digital post trade solutions. Through platform integration, expanded services and a broader European footprint, SIX is well placed to act as the partner of choice for clients and to actively shape the future of the European post trade landscape.
[1] Swift- September 24, 2025 - T+1: One year on – a new chapter begins
[2] DTCC – The Shift to 24/5 trading: What it means for US equity markets
[3] BlackRock – Market Spotlight: 24 hour trading
[4] BlackRock – Market Spotlight: 24 hour trading
[5] The Value Exchange- The case for collateral tokenisation