• Ensure flexibility in operational timetables and assess venue/broker changes.
• Monitor liquidity and address asset class-, national-, or market-specific nuances.
• Streamline end-of-day processes: optimize netting, accelerate instruction transmission to CSDs, and ensure timely reporting.
• Update rulebooks (e.g. ex-dates, cancellations).
• Implement standardized deadlines for securities financing transaction (SFT) recalls/returns aligned with best practices as set out by the European Repo and Collateral Council (ERCC).
• Enable auto-shaping of instructions.

• Promote standardized, electronic communication.
• Enhance straight-through processing (STP) and encourage early trade-level matching.
• Use key data elements (e.g. PSET) and resolve mismatches early.

• Optimize central counterparty (CCP) timing to maximize time for clearing members and settlement agents.
• Align netting and instruction release with T+1 deadlines.
• Support T2S Night-Time Settlement (NTS) cycle to ensure efficient settlement under the compressed T+1 timeframe.

Key facts

• Submit and match instructions by 23:59 CET on trade date using real-time automated processes (straight-through processing, STP).
• Implement real-time STP and liquidity optimization (e.g. dynamic stock ladders).
• Adopt EU gold standards: single settlement instruction format, DvP cutoff at 16:00 CET, FoP at 18:00 CET.
• Use automated tools for funding/position forecasting; promote (I)CSD features like partial settlement, hold and release, allegement, and auto-borrowing/collateralization to enhance settlement efficiency.

Clearstream solutions

Robust Pan-European CSD Solution
A unified access point to T2S markets via a single securities account: Explore the solution

Why it matters for T+1
Enables seamless cross-border investment and settlement, reducing complexity and delays across jurisdictions

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Settlement Efficiency Tools
Dashboards and predictive analytics for settlement performance: Explore the tools

Why it matters for T+1
Provides real-time visibility and forecasting to proactively manage risks and avoid penalties

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Partial Settlement & Partial Release
Functionality to settle part of a transaction when full settlement is not possible.

Why it matters for T+1
Enhances liquidity and reduces systemic risk by allowing partial fulfilment of obligations

• Standardize “Gating Events” and harmonize across markets.
• Promote “Adhere or Explain” to ensure accountability.
• Achieve a “Single Settlements Area” while balancing flexibility and systemic risk.

Key facts

• Engage foreign exchange (FX) providers early and understand cut-offs and liquidity.
• Align with FX Global Code.
• Address FX settlement risk and ensure timely execution for payment-versus-payment (PvP).
• Consider non-EUR liquidity patterns and partial settlement impacts.

Clearstream solution

FX Services: Flexible Transactions and Automated Conversions
A comprehensive FX solution that includes settlement via Swift or Clearstream’s Xact Web Portal, and automated FX conversions for custody proceeds, interest and dividends: Explore the solution

Why it matters for T+1
Synchronizes FX and securities settlement to avoid mismatches and delays, while reducing manual intervention and ensuring timely cash flows. The service currently supports T+2 value dates and is expanding to support T+0 by Q4/2025.

Key facts

• SFTs are heavily impacted due to their role in cash market trading and liquidity.
• Promote automation and standardization.
• Improve settlement efficiency via auto-shaping, auto-partialling, auto-borrowing, and auto-collateralization.

Clearstream solutions

Fails coverage via ASL and ASL Principal
Automated securities lending to cover short positions. Explore the solutions: ASL and ASL Principal

Why it matters for T+1
Minimizes settlement fails under tighter deadlines by ensuring timely delivery of securities

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Unique Collateral Management
Tools to optimize collateral usage across ICSD and T2S. Explore the solutions: CollateralNext and OSCAR

Why it matters for T+1
Ensures timely collateral sourcing and allocation to support settlement and margin requirements

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Diverse Lending Pool
Access to a broad range of instruments including ETFs, fixed income and equities: Explore the solutions

Why it matters for T+1
Supports liquidity needs across asset classes, ensuring coverage for settlement obligations

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Asset Liability Analyzer
Dashboard to monitor credit line usage and collateral positions: Explore the solution

Why it matters for T+1
Helps manage intraday liquidity and funding needs in real-time

Key facts

• Adjust key dates (e.g. ex-date = record date).
• Automate and harmonize claims and buyer protection.
• Automate buyer protection at the Issuer CSD level and align elective event timelines.

Clearstream solutions

Proxy Voting and General Meeting Service
A full end-to-end solution for general meetings across all proxy voting markets and eligible instruments, using ISO 20022 messaging and Clearstream’s Xact Web Portal: Explore the solution

Why it matters for T+1
Ensures timely execution of governance actions like voting and notifications, which are critical under compressed settlement cycles. Helps meet EU Shareholder Rights Directive requirements and supports active ownership.

Key facts

• T+1 affects investment management but not fund unit settlement.
• Reduce fund unit cycle to T+2.
• Seek regulatory clarity on cash breaches.
• Address ETF-specific challenges (e.g., misalignment of fund unit creation and trading).
• Involve service providers and distribution partners to reduce guideline breaches.

Clearstream solution

Vestima
A fully automated order routing and settlement solution for investment funds, supporting UCITS, AIFs, ETFs and hedge funds across multiple jurisdictions.
Explore the Vestima solution from a distributor's or custodian's perspective or from an asset manager's or transfer agent's perspective. 

Why it matters for T+1
Vestima helps mitigate the impact of T+1 on asset managers by streamlining fund order processing and settlement. While fund unit settlement remains on T+2, Vestima reduces operational risk and supports faster cycle times, enabling better alignment with compressed settlement timelines. It also facilitates transparency and control over fund transactions, helping avoid breaches and delays.