Europe moves to T+1

T+1 settlement in the EU, UK and Switzerland: dates and calculator

From trade date Monday 11 October 2027, cash equities traded on EU venues settle one business day after the trade instead of two. The UK and Switzerland plan the same date. Here's what that does to settlement dates around the switch, and an API that handles it for you.

Around the switch

Friday 8 October (T+2) and Monday 11 October (T+1) trades both settle on Tuesday 12 October, so that day carries two days of settlements.

How sure is each date?

• EU confirmed in law: Regulation (EU) 2025/2075, published in the Official Journal on 14 October 2025, amends CSDR Article 5(2) and applies from 11 October 2027.
• UK announced, not final: HM Treasury published a draft statutory instrument in November 2025 setting 11 October 2027; it needs approval by both Houses. As of 2026-10-25 it doesn't appear on legislation.gov.uk as made.
• Switzerland announced, not final: the Swiss Securities Post-Trade Council recommended 11 October 2027 (acknowledged by the State Secretariat for International Finance); SIX's rule-book change is pending.

The API returns the status with every settlement date, and includes upcoming_change for trades before the switch, so your code can flag dates that depend on a rule that isn't final yet.

Calculator

In code

curl "https://www.elcodev.com/apps/settledate/v1/settlement-date?market=XETR&trade_date=2027-10-08"

import requests

def settles(market, trade_date):
    r = requests.get("https://www.elcodev.com/apps/settledate/v1/settlement-date",
                     params={"market": market, "trade_date": trade_date},
                     headers={"X-API-Key": "sd_..."})
    r.raise_for_status()
    j = r.json()
    return j["settlement_date"], j["cycle"], j.get("status")

print(settles("XETR", "2027-10-08"))  # ('2027-10-12', 'T+2', 'in_effect')
print(settles("XETR", "2027-10-11"))  # ('2027-10-12', 'T+1', 'confirmed')

{
  "market": "XETR",
  "trade_date": "2027-10-08",
  "settlement_date": "2027-10-12",
  "cycle": "T+2",
  "basis": "market_rule",
  "status": "in_effect",
  "effective_from": "2014-10-06",
  "rule": "CSDR Art. 5(2) (T+2)",
  "source": "https://eur-lex.europa.eu/eli/reg/2014/909/oj",
  "calendars_used": [
    "XETR",
    "eu-target2"
  ],
  "skipped_days": [],
  "upcoming_change": {
    "cycle": "T+1",
    "effective_from": "2027-10-11",
    "status": "confirmed",
    "rule": "Regulation (EU) 2025/2075 amending CSDR Art. 5(2): T+1 applies from 11 Oct 2027",
    "source": "https://eur-lex.europa.eu/eli/reg/2025/2075/oj"
  }
}

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