Capital Markets · Settlement · T+1 · CRR3

Capital Markets Settlement Hub

Eleven browser-based tools for T+1 settlement readiness and CSDR compliance: operational workflow timing, settlement efficiency benchmarking, securities lending recall modelling, buy-in cost analysis, non-DVP retail fund migration, CSDR cash penalty calculation, CRR3 capital impact, settlement finality, DvP reconciliation, and FX settlement risk. All client-side. Zero PII.

UK T+1 October 2027 CRR3 2024/1623 CSDR Settlement Basel III Endgame
T+1 Settlement Timeline
Accelerated Settlement Transition
25
CRR3 Live
Jan 2025
26
Test Readiness
Dec 2026
27
UK T+1 Go-Live
Oct 11 2027
28
EU T+1 (est.)
2028
30
Output Floor 72.5%
Jan 2030
Tool Suite
Eleven Settlement & Capital Tools
Tools span T+1 operational readiness, CSDR settlement discipline, settlement efficiency benchmarking, securities lending recall modelling, buy-in cost analysis, non-DVP retail fund settlement, CRR3 capital impact, settlement finality, DvP reconciliation, and FX settlement risk.
T+1 Settlement Readiness
T+1FCA / ASTUK Oct 2027

T+1 Settlement Operational Readiness Assessor

Assess operational readiness for the UK T+1 securities settlement transition (October 11, 2027). Score affirmation cycle compression, FX funding, securities lending recall, fails management, and CSD connectivity across 5 domains.

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T+1ASTPost-Trade Chain

T+1 Post-Trade Workflow Timing Assessor

Score each post-trade step against UK AST T+1 timing requirements. Allocation by 23:00 T+0, confirmation by 23:59, settlement instruction by 08:00 T+1. Flags chain breaks and generates remediation priorities.

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ASTSER ≥98%

Settlement Efficiency Rate Calculator & AST Benchmark

Calculate your Settlement Efficiency Rate by fail cause, benchmark against the AST ≥98% target, and model the improvement trajectory to the Jul–Sep 2027 measurement window.

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ISLAT+1Revenue Model

Securities Lending Recall Revenue Impact Modeler

Model revenue impact of shortening recall periods under T+1. Calculates tenor compression losses, CSDR penalty savings, net P&L impact, and optimal tenor rebalancing strategy.

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Settlement Finality

Settlement Finality Auditor

Audit settlement finality provisions under the EU Settlement Finality Directive (SFD). Map designated system status, irrevocability cut-offs, and netting arrangements.

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DvP

DvP Reconciliation Tool

Reconcile delivery-versus-payment settlement across custodians and CSDs. Identify fails, matched/unmatched trades, and cash/securities mismatches.

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FX Settlement

FX Settlement Fails Risk Assessor

Assess FX settlement fails risk across currency corridors. Model fails rates, PvP exposure, and CLS membership impact. CSDR and FX Global Code compliance checks.

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CSDR Settlement Discipline
CSDRSDRPenalty Calc

CSDR Settlement Fails Cash Penalty Calculator

Calculate daily and cumulative cash penalties under CSDR/CSDR Refit. Penalty rates by instrument type (liquid equity 1bp, sovereign 0.1bp). Buy-in trigger detection and break-even analysis vs bid-offer spread.

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CSDRBuy-InCost vs Penalty

Buy-In Scope Classifier & Cost vs. Penalty Estimator

Classify instrument into CSDR mandatory buy-in scope, calculate the trigger day (4/7/15 business days by type), and compare buy-in execution cost against cumulative penalty to produce a buy-in-or-pay recommendation.

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FPSCHAPSCost Model

Non-DVP Retail Fund Settlement Impact Assessor

BACS (3-day lag) is incompatible with T+1. Score BACS/FPS/CHAPS rail mix, model annual cost uplift of migrating retail flows, flag FPS £1M ceiling breaches, and output a phased migration plan.

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Capital & Regulatory Impact
CRR3Output Floor2025–2030

CRR3 Output Floor Phase-In Capital Impact Calculator

Model the CRR3 output floor phase-in impact from 50% (2025) to 72.5% (2030). Year-by-year additional CET1 requirements, pro-forma CET1 ratios, and cost of capital drag. For EU IRB-model banks.

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Regulatory Context
Key Capital Markets Regulations
T+1UK Accelerated Settlement Taskforce (AST): T+1 by October 2027
FCA Dear Compliance Officer letter (January 2026) requires firms to identify system and process changes now, secure budget, and be ready to test by end of 2026. Effective date: October 11, 2027 for CREST-settled securities. EU expected to follow within 12–18 months.
CRR3Regulation (EU) 2024/1623 (CRR3): Basel III Endgame, effective 1 January 2025
Output floor phases in from 50% (2025) to 72.5% (2030). Revises standardised approaches for credit, market, and operational risk. IRB-heavy banks face most significant capital impact. EBA estimates average CET1 ratio impact of ~1.1pp for EU significant institutions at full phase-in.
CSDRRegulation (EU) No 909/2014: Central Securities Depositories Regulation
Mandatory buy-ins and cash penalties for settlement fails. Settlement discipline regime fully effective. Applies to CSDs, investment firms, and systemic internalisers operating in EU. Settlement fails in T+1 environment will trigger penalties automatically at a faster rate if STP is inadequate.
SFDDirective 98/26/EC: Settlement Finality Directive (as amended)
Provides legal certainty for settlement finality in designated payment and securities settlement systems. Protects netting arrangements and transfer orders from insolvency law. Relevant for CCP and CSD participants across EU and UK (retained in UK law post-Brexit).