The ICMA European Repo Council* reports that the initial feedback from its members and operations working groups is that the transition to T+2 for the European fixed income markets has been largely successful with few issues. This can be attributed to the significant efforts made by the relevant market trade bodies, the regulated markets (RMs), the multilateral trading facilities (MTFs), and data vendors to ensure a harmonized migration, both on trading venues and in the over-the-counter (OTC) markets, and to raise awareness and preparedness amongst market participants.

A number of issues remain to be resolved, but the ICMA and ERC will continue to work closely with their members, the various international market bodies, RMs, MTFs, and data vendors to reach agreed standards and practical solutions. We will also continue to monitor closely the ongoing effect on settlement efficiency, both for outright cash trades and SFTs, not least as other regulatory initiatives begin to impact these markets.

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Published October 2014

*On 4 December 2015, the name of the European Repo Council (ERC) was changed to the European Repo and Collateral Council (ERCC).
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