RBC Investor Services | T+1 Readiness Checklist

Ready for the transition to T+1? Use the checklist below to ensure you’ve considered the key impacts of a shortened settlement cycle:

EVALUATE CURRENT OPERATING MODEL

Review published industry roadmaps, implementation handbooks, and new market practice guidance from the European T+1 Commission, Accelerated Settlement Taskforce and the Swiss Securities Post Trade Council. Familiarize yourself with key deliverables required in 2026 as well as 2027
Document end-to-end trade process from order placement to settlement
Identify manual processes within your existing trade management workflow (e.g. front/middle/back office, including broker, custodian, fund accountant, transfer agent activities)
Confirm whether pre-matching utilities are used in your current post-trade workflow
Determine the number of trades matched on T versus T+1, T+2 or T+3
Identify existing STP and failed trade rates and impact of late settlement
Closely monitor trade settlement activity in months leading up to and immediately following T+1 transition
Determine access to consolidated real-time reporting or reliance on trade status email updates
Confirm current method of communication with counterparties, custodians and other participants
Identify “key person” dependencies and other risks within operating model

Assess T+1 funding implications, including ability to buy or sell European currencies earlier or change the settlement cycle of foreign exchange transactions
Identify technical upgrades to automate and streamline the end-to-end trade process
Determine cost and implementation timelines for new technologies and market utilities, along with ongoing maintenance costs to support resiliency, business continuity, cyber security, system maintenance and data consolidation
Evaluate potential to outsource in-house operations to a third-party specialist provider to meet T+1 operational requirements and prepare for the future shift to T+0
Identify resource requirements outside of North American work hours to support trade and settlement deadlines
Review transition plans of brokers, custodians, transfer agents, fund accountants and other service providers

Implement outsourced solution or any new technologies or market utilities prior to T+1 transition date
Communicate operating model changes to impacted employees and provide any required training or support
Make any required updates to policies and procedures that relate to settlement cycle
Make any required updates to standing settlement instructions (SSIs) for counterparties
Develop and implement business continuity plan to support new operating model and T+1 trading activity
Continue to closely monitor trade settlement activity in the months leading up to and following the T+1 transition and make any required adjustments to the operating model as required