Regulation · Regime · European Union · Primary legislation

Central Securities Depositories Regulation (CSDR), Regulation (EU) No 909/2014

The EU regulation governing central securities depositories, settlement periods and settlement discipline. An amendment moves the standard settlement cycle for trading-venue transactions from T+2 to T+1 on 11 October 2027, with revised settlement discipline standards phased in from December 2026.

In force

Key points

EU markets move to T+1 settlement on 11 October 2027.^[1]
Revised settlement discipline standards require firms to improve allocations and confirmations by 7 December 2026 and to meet settlement-layer requirements (early instructions, auto-partial settlement, hold and release, auto-collateralisation) by 11 October 2027.^[1]

What it covers

Equity Debt security Fund interest Listed equities Delivery versus payment (DvP)Secondary trading

Timeline

6 Jul 2026 · Proposed
Commission adopts the amended settlement discipline standards (C(2026) 4640), sent to Parliament and Council for scrutiny.^[2]
7 Dec 2026 · Amended · upcoming
First T+1 deadline: allocation and confirmation requirements.^[1]
1 Jul 2027 · Amended · upcoming
Second batch of the amended settlement discipline provisions applies.^[2]
11 Oct 2027 · Amended · upcoming
T+1 settlement cycle applies.^[1]

Instruments

Amendment to Commission Delegated Regulation (EU) 2018/1229 (CSDR settlement discipline RTS) for T+1Technical standard (RTS/ITS) · Proposed
Regulation (EU) 2025/2075 amending CSDR to shorten the settlement cycle to T+1Primary legislation · Final, not yet in force · 11 Oct 2027

Deployments operating under it

None recorded with a source yet.

Likely relevant to

Deployment	Status	Assets	Use cases	Last reviewed
Axiology DLT trading and settlement system (digital bonds)New Axiology	Live (limited)	Debt security	Primary issuance Asset servicing Secondary trading Delivery versus payment (DvP)	Reviewed 21d ago
Berlin Hyp blockchain Pfandbrief on SWIATNew SWIAT	Live (limited)	Debt security	Primary issuance Secondary trading	Reviewed 14d ago
BlackRock ICS money market funds, tokenised share classes (Kinexys, Ethereum)New J.P. Morgan	Live (limited)	Fund interest	Fund subscription and redemption Secondary trading Treasury management	Reviewed 22d ago
Canton Network on-chain US Treasury financing (industry working group)Updated 18 Oct 2026 Digital Asset Canton applications	Pilot	Debt security Stablecoin Bank deposit	Repo Delivery versus payment (DvP)Collateral mobility Intraday repo	Reviewed 11d ago
Cassa Depositi e Prestiti digital bond on Polygon (2024)New Cassa Depositi e Prestiti	Inactive	Debt security	Primary issuance Delivery versus payment (DvP)	Reviewed 24d ago
CSD Prague DLT settlement systemUpdated 7 Nov 2026 Central Securities Depository Prague	Announced	Equity Debt security	Primary issuance Delivery versus payment (DvP)	Reviewed 1d ago
Dinari dShares tokenised US stocks and ETFsUpdated 6 Nov 2026 Dinari	Live (limited)	Structured note	Secondary trading	Reviewed 12d ago
EIB digital bond on public EthereumUpdated 18 Oct 2026 SG-FORGE security token platform	Inactive	Debt security	Primary issuance Delivery versus payment (DvP)	Reviewed 21d ago
EIB digital bonds on GS DAPUpdated 28 Oct 2026 GS DAP	Live (limited)	Debt security	Primary issuance Delivery versus payment (DvP)	Reviewed 14d ago
ESM digital bond programme on D7/PontesNew Clearstream	Live (limited)	Debt security	Primary issuance Delivery versus payment (DvP)	Reviewed today
Eurosystem exploratory work on wholesale DLT settlement in central bank moneyUpdated 28 Oct 2026 European Central Bank	Inactive	Wholesale central-bank money Debt security	Delivery versus payment (DvP)Primary issuance	Reviewed 24d ago
Franklin OnChain U.S. Government Money Fund, Luxembourg UCITS (gBENJI)New Benji Investments	Live (limited)	Fund interest	Primary issuance Fund subscription and redemption Secondary trading	Reviewed 24d ago
KfW blockchain bonds (crypto securities under the eWpG)Updated 15 Oct 2026 Cashlink	Live (limited)	Debt security	Primary issuance Delivery versus payment (DvP)Asset servicing	Reviewed 24d ago
Kinexys Digital Financing (intraday and term repo)Updated 7 Nov 2026 Kinexys Digital Assets	Live (scaled)	Debt security	Intraday repo Term repo Delivery versus payment (DvP)	Reviewed today
Ondo Global Markets tokenised stocks and ETFsUpdated 8 Nov 2026 Ondo Finance platform	Live (scaled)	Structured note	Secondary trading	Reviewed 11d ago
Robinhood Stock TokensUpdated 6 Nov 2026 Robinhood	Live (scaled)	Derivative Structured note	Secondary trading	Reviewed 13d ago
Santander end-to-end blockchain bond on Ethereum Banco Santander	Inactive	Debt security	Primary issuance Delivery versus payment (DvP)	Reviewed 22d ago
Schroders Onchain Active Returns (SOAR) tokenised money market fund share classNew J.P. Morgan	Announced	Fund interest	Fund subscription and redemption Secondary trading Collateral mobility	Reviewed 13d ago
Siemens digital bond on SWIATUpdated 14 Oct 2026 SWIAT	Inactive	Debt security	Primary issuance Delivery versus payment (DvP)	Reviewed 22d ago
Republic of Slovenia digital bond on BNP Paribas Neobonds (2024)New BNP Paribas Neobonds	Inactive	Debt security	Primary issuance Delivery versus payment (DvP)Secondary trading	Reviewed 24d ago
Société Générale security token bonds via SG-FORGEUpdated 17 Oct 2026 SG-FORGE security token platform	Live (limited)	Debt security Structured note	Primary issuance Delivery versus payment (DvP)Repo	Reviewed 14d ago

Sources

[1]Statement on T+1 preparations: key deadlines and action points (ESMA74-2119945926-3773) — ESMA, 20 Jul 2026. Accessed 12 Oct 2026.A
[2]Cover note 11644/26: Commission Delegated Regulation amending the regulatory technical standards in Delegated Regulation (EU) 2018/1229 on settlement discipline (C(2026) 4640 final) — Council of the European Union, 8 Jul 2026. Accessed 13 Oct 2026.A
[3]Shortening the settlement cycle to T+1 in the EU — ESMA. Accessed 12 Oct 2026.A