In the wake of the US switch to a shorter settlement cycle (T+1) at the end of May 2024, the other major financial markets are embarking on the process. The UK (which is heavily invested in USD-denominated securities) is one of the countries most enthusiastic about preparing for the transition, notably with the publication of a detailed preparatory report, the first version of which was published in October 2024.

The AST conducted by consultant Andrew Douglas includes at the end of its preliminary report a short consultation to which the AFG responds. We welcome the detailed roadmap towards a laudable goal, while stressing the need for intense cooperation in detailed and holistic technical preparation.