When, not if, Europe copies Wall Street share trading reform

The European Union, Britain and Switzerland have little choice but to copy Wall Street in speeding up share trading, though it will come too late to avoid a transatlantic mismatch in market practice, industry officials said.

Wall Street, representing around 46% of the global equity market, is due to make the change in May 2024, piling pressure on the EU, Britain and Switzerland to follow suit given the global nature of financial markets, while adapting to the U.S. switch at the same time. Bankers says that moving to T+1 in Europe will be more complex than in the United States given the significantly greater number of exchanges, clearers, and settlement houses in Europe.

But finding industry consensus on a start day for the changeover could be tricky given the investment in back offices and technology that would be needed, said Charlie Geffen, who heads the UK taskforce. The euro bond market is heavily traded in London, outside the EU, but settled in Brussels or Luxembourg, inside the bloc. Differing speeds in the move to T+1 could mean investors shifting trading locations, Geffen has said.

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